[Funding alert] Freight Tiger raises $6.5M led by Florintree Infra, OYO Founder Ritesh Agarwal's family office
Freight Tiger, a Mumbai-based SaaS startup focused on the freight industry, Saturday said it raised $6.5 million in funding led by Florintree Infra. It also saw participation from Aroa Ventures, the Family office fund of OYO Founder Ritesh Agarwal.
Existing investors Lightspeed India Partners, Moonstone Investments, and Pawan Munjal Family Trust also participated in this round.
Commenting on the development, Swapnil Shah, Founder and CEO, Freight Tiger, said,
“We have seen a rapid acceleration in adoption over the last 12 months on our software platform and digital freight network. We today process close to 4 percent of India’s FTL volumes on our software platform. Our differentiated approach of software-led end-to-end digitisation is bringing the ecosystem together and is making the $125 billion Indian freight market more seamless, collaborative, and transparent.”
Swapnil added, “We are on track to hit $100 million in annualised gross revenue by the end of this fiscal year.”
Freight Tiger is building a SaaS-enabled digital freight network that will help customers — shippers and logistics service providers/transport companies — move fast, load more, reduce empty miles, and reduce waste.
Founded in 2014, Freight Tiger has over 300 shippers and 4,000 odd transport companies on its platform. Some of its customers include Saint Gobain, Dalmia Group, JSW Steel, BLR Logistiks, Patanjali, Kohler, and MRF, among others.
Mathew Cyriac, Executive Chairman, Florintree Advisors, said, “I have closely experienced Swapnil’s passion and commitment to deliver breakthrough value for his customers. Freight Tiger is well-positioned to transform the very complex Indian logistics sector in the next few years. I am looking forward to working with Swapnil and the other board members in this exciting phase of Freight Tiger.”
The former India head of Blackstone Private Equity Mathew Cyriac, through Florintree, has led investments in Allcargo Global Logistics, Gateway Rail, International Tractors, MCX, MTAR Technologies, CMS Infosystems, Gokaldas Exports, FINO Payments Bank, and more.