Wiz Freight grabs Rs 125 Cr in Series B funding led by SBI Investment
The capital will be allocated towards expanding Wiz Freight’s global operations in Southeast Asia, the Middle East, and the United States, along with enhancing its logistics solutions.
Digital freight management startupFreight has raised Rs 125 crore ($15 million) in a Series B equity funding round led by Japan-based venture capital SBI Investment.
The round also saw participation from, Nippon Express Holdings, Axilor Technologies Fund, Foundamental, Arali Investments, and Unikon Shipping Ventures, along with several family offices.
The funding has resulted in a post-money valuation of Rs 1,400 crore ($168 million), marking a 50% increase from its previous valuation in the last round.
“Wiz Freight is set to double its workforce at the Tech and R&D centre in Chennai, currently home to 200 employees. The primary focus is on scaling up the tech platform for efficiency. The tech team has demonstrated agility with the launch of Eylrx.AI, showcasing a commitment to cutting-edge tech products. More innovations are already in the pipeline,” said Ramkumar Ramachandran, Co-founder and Chairman, Wiz Freight.
The ongoing fundraising effort is part of a larger Series B funding round that the Chennai-based plans to close this year.
The capital raised will be allocated towards expanding the company’s global operations in Southeast Asia, the Middle East, and the United States, along with enhancing its logistics solutions.
In March 2022, Wiz Freight raised Rs 275 crore ($36 million) in Series A funding in a mix of equity and debt led by Tiger Global, with participation from Axilor Ventures, Foundamental, Arali Ventures, Alteria Capital, and Stride Ventures.
“The revenue in FY23 was ~Rs 1,325 crore. This is a 300% increase from FY22 revenue, and Wiz Freight is expecting to maintain a similar revenue run rate in FY24,” added Ramachandran.
The 850-member team currently operates in 30 locations in India and five countries, serving over 1500 businesses. Some companies include, , , Acer, Reckitt, Kraft, and Skechers.
Founded in January 2020 by Ramkumar Govindarajan and Ramkumar Ramachandran, Wiz Freight is a digital cross-border supply chain startup that assists exporters and importers to book and manage their shipments.
Its AI-powered platform offers instant capacity discovery, routing, door-to-door tracking, and automated customisable document workflows.
Edited by Kanishk Singh