CHENNAI : WIZ Freight, a cross-border supply chain start-up, has raised Rs 275 crore in a mix of equity and debt led by Tiger Global Management with participation from Axilor Ventures, Foundamental, Arali Ventures, Stride Ventures and Alteria Capital.
This marks the largest Series A funding in Indian logistics. The company plans to accelerate its technology R&D and global expansion into Southeast Asia, the Middle East and Africa with the new investment.
Founded in August 2020 by Ramkumar Govindarajan and Ramkumar Ramachandran, WIZ aids exporters and importers in emerging markets to book and manage their cross-border shipments on its tech platform with e-commerce-like convenience.
“The $2 trillion global shipping is highly fragmented with several intermediaries leading to cost inefficiencies, lack of transparency and sub-optimal customer experience,” the company said.
“WIZ is the only digital player in the emerging markets that work directly between the carriers and the shippers by adopting a full-stack execution model offering significant cost savings and operational reliability to enterprise customers,” it added.
The company has a team of more than 350 people across 15 locations and a network of over 200 carriers and vendors. It caters to more than 1,500 enterprises including the likes of Adani, Mahindra, Tata, Aditya Birla and ITC.
The company said it is already running a profitable business and has been doubling its revenue quarter on quarter. It plans to open two new tech R&D centres in Bengaluru and Singapore where it will carry out further development of its AI/ML, blockchain and IoT capabilities to offer intelligent and connected cross-border shipping to its customers. The startup is looking to launch operations in 15 other countries in Southeast Asia and Middle East & Africa with Singapore and Dubai as the HQs for the respective regions by the end of 2022.
Ramkumar Govindarajan, CEO, WIZ Freight said, “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.