BENGALURU : COGOS Technologies Pvt. Ltd said it has raised $2 million in pre-Series A funding led by Dubai-based shipping and logistics firm Transworld Group and New York-based deep tech fund WorldQuant Ventures.
Ritesh S. Ramakrishnan of Transworld Group will be joining the COGOS board.
With this fundraise, Bengaluru-based COGOS plans to expand its business and strengthen and develop its technology platform. It aims to upgrade its model and expand the business both in India and overseas, providing customized tech solutions to its partners.
“COGOS was founded to integrate the fragmented and the unorganized logistic market. We are very happy to have global logistic players and Deep tech VCs believing in the potential of COGOS Platform. Going forward, we will continue to provide customized solutions to our partners and push ourselves to further provide the best experience to clients with our technology-driven platform,” said Prasad Sreeram, Co-founder & CEO, COGOS.
As per research reports, the estimated size of the Indian logistics market is pegged at $215 billion and is growing at a CAGR of 10.5%. With rural India opening up to the concept of e-commerce, it will be crucial for logistics firms to address upcoming challenges and ensure building an infrastructure for the business that can expand even to remote areas.
“We are very bullish on the India growth story, which is led by both consumption and innovation. Logistics in India is a $300 billion market and is highly fragmented and unorganized. We see a huge growth opportunity in the Indian logistics’ space, especially in the tier-III and -IV cities which are underserved today. Technology is changing the way logistics services are being consumed and we are very excited to partner with COGOS to provide technology enabled logistics services to clients and build a scalable and sustainable global business,” said Chetan Mehta, Chief Executive Officer, Wami Capital—Single Family Office of Transworld Group.
In its seed funding round, COGOS had raised $1 million from Indian Angel Network (IAN), Emergent Ventures and some high net-worth individuals.
Steven Lau, Managing Director, Worldquant Ventures, said, “We see COGOS evolving as a major player in the first, mid and last mile delivery for enterprises in India. Their AI logistics platform will also have significant ESG impact as they integrate EV adoption into the delivery process. We are very excited to be involved early and help them grow into a global platform.”
In June, COGOS announced electric vehicle (EV) adoption in the logistics business.
It will augment its fleet with EVs across Bengaluru, Hyderabad, Delhi and Gujarat, and later in Maharashtra and Tamil Nadu.
Source : mint