Wiz Freight raises ₹275 crore in funding led by Tiger Global

Axilor Ventures, Foundamental, Arali Ventures, Stride Ventures and Alteria Capital are the other investors

Axilor Ventures, Foundamental, Arali Ventures, Stride Ventures and Alteria Capital are the other investors

Chennai-based start-up Wiz Freight has raised Series A funding of ₹275 crore in a mix of equity and debt led by Tiger Global with participation from Axilor Ventures, Foundamental, Arali Ventures, Stride Ventures and Alteria Capital. The investment marks the largest Series A financing in the Indian logistics industry. The company will use the funds to accelerate its technology research and development 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 Freight helps exporters and importers in emerging markets book and manage their cross-border shipments on its technical platform with e-commerce-like ease. The start-up claims its AI-powered platform offers instant capacity detection, dynamic pricing, optimized routing, door-to-door tracking, and automated document workflows, saving shippers countless hours.

Ramkumar Govindarajan, CEO of Wiz Freight, said: “Global trade is witnessing unprecedented volatility in capacity and rates, led by pandemic and the recent geopolitical events that are causing massive disruptions in supply chain planning and execution for shippers.” He added: “We help customers take control of their supply chains by providing 10x shipment visibility, intelligent risk-optimized routing solutions and multi-carrier capacity offerings through our technical platform and building maximum resilience to avoid business disruption. “

“We are excited to partner with Wiz’s team in building a leading digital cross-border carrier in emerging markets,” said Griffin Schroeder, partner, Tiger Global.

Currently, the start-up serves more than 1,500 enterprises, including Adani, Mahindra, Tata, Aditya Birla and ITC, which transport thousands of tons of cargo by air and sea every month using the Wiz platform. The state-of-the-art, technology-assisted command center in Chennai monitors the live execution of thousands of shipments every month.

The company has doubled its revenue quarter on quarter. It plans to open two new engineering research and development centers in Bengaluru and Singapore, where it will further develop its AI/ML, blockchain and IoT capabilities to offer intelligent and connected cross-border shipping to its customers. It aims to double its workforce in the coming year and grow sales by 400%. The start-up aims to launch operations in 15 other countries in Southeast Asia, the Middle East and Africa by the end of 2022, with Singapore and Dubai as headquarters for the respective regions.

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