[Funding alert] Wiz Freight raises $36M in Series A led by Tiger Global
Digital freight management startup Wiz Freight plans to use the funding to accelerate its technology R&D and global expansion.
Freight, a full-stack digital cross-border supply chain startup, on Thursday, raised a Series A round of Rs 275 Cr ($36 million) in a mix of equity and debt led by with participation from , Foundamental, Arali Ventures, Stride Ventures, and Alteria Capital.
The investment marks the largest Series A funding in Indian logistics. The startup plans to use the capital to accelerate its technology R&D and global expansion into Southeast Asia, the Middle East, and Africa.
In a conversation with YourStory, Ramkumar Govindarajan, Co-founder and CEO of Wiz Freight, stated, "We plan to open two new tech R&D centres in Bengaluru and Singapore to carry out further development of our AI/ML (artificial intelligence/machine learning), blockchain, and IoT (Internet of Things) capabilities to offer intelligent and connected cross-border shipping to its customers."
Wiz claims to be the only digital player in the emerging markets to work directly between carriers and shippers by adopting a full-stack execution model offering significant cost savings and operational reliability to enterprise customers.
"We’re excited about partnering with the team at Wiz as they build a leading digital cross-border transporter in emerging markets,” said Griffin Schroeder, Partner, Tiger Global.
Global trade is witnessing all-time high volatility in capacity with rates led by the pandemic and the recent geopolitical events, thereby causing massive disruptions in supply chain planning and execution for shippers, said Ramkumar, adding,
"We’re helping customers take control of their supply chains by offering 10X shipment visibility, intelligent risk-optimised routing solutions and multi-carrier capacity offerings through our tech platform and build maximum resilience to avoid business disruptions. We’re deeply committed to building disruptive shipping solutions for businesses in emerging markets and the tail-winds around post-pandemic tech adoption are helping the company reach its mission faster.”
Founded in August 2020, by logistics veterans Ramkumar Govindarajan and Ramkumar Ramachandran, Wiz Freight’s full-stack platform allows enterprises and SMBs to automate their cross-border logistics operations.
Last year in August, the startup had raised $3.5 million in its seed round, led by Axilor.
With a team of over 350 people across more than 15 locations and a network of over 200 carriers and vendors, the startup claims to be catering to 1,500-plus enterprises, including the likes of Adani, Mahindra, Tata, Aditya Birla, and ITC.
Edited by Saheli Sen Gupta