Digital freight forwarding startup Freightwalla has raised $ 4 million in Series A funding. This makes Freightwalla the first digital freight forwarding company to raise fresh funds within a year of seed funding.
The Series A funding was led by global venture capital firms Amplo, FJ Labs and Rogue One Capital. Existing investors Kae Capital and Tekton Ventures also participated in this round.
Incorporated in 2017, Freightwalla is a full-stack digital platform for businesses to plan, book and manage their international freight shipments online.
Traditional freight forwarding is a highly manual process, leading to several errors, causing companies to lose money. To address this issue, Freightwalla’s digital platform helps in minimizing errors, reducing the overall cost of logistics and saving time for shippers. Thanks to Freightwalla, shippers can now get a quotation in a single click in less than 4 secs instead of typically 4 hours over several email exchange with multiple freight forwarders.
The platform provides advanced tools for pricing and sailing schedule discovery along with other features such as real-time tracking of shipments & transhipments. Thereby enabling shippers to take corrective actions & saving them from penalties due to delayed delivery.
Speaking about the funds raised, Mr. Sanjay Bhatia, Co-Founder & CEO of Freightwalla said, “We utilised our seed capital to expand our technology platform, improve sales reach and increase operational capacity to match the demand. Since the last round of funding we have witnessed 9x growth in our volumes, 8x in revenue and 5x in our team size. Now the Series A funds shall be utilised to further expand our geographical reach and upgrade our technical prowess. We expect to grow 10x with the infusion of fresh funds.”
Mr. Sheel Tyle, Founder and CEO, Amplo, said, "At its core, Freightwalla brings trust to logistics. The company is uniquely poised to bring price visibility and shipping accuracy to importers and exporters of Indian cargo which ultimately should increase global trade to and from India. Their tech platform is world-class and we are excited to partner with Freightwalla to reform the industry from the ground-up."
Despite the slowdown and other challenging macro-economic factors, the company has been moving on a steady growth trajectory. It has added multiple technological capabilities such as transshipment tracking which the clients are resonating with. This has led to shorter sales cycles and greater retention from its client base.
Freightwalla presently covers door-to-door movements in West India. The company is looking to expand door-to-door movement presence and aim to become a pan India company, a move which will drastically improve the catchment area and allow to serve all cargo movements for clients.
In less than 2 years, Freightwalla has clients across a range of industries including pharmaceuticals, engineering and manufacturing, homewares, textiles, food & agricultural products and others. Moving forward, Freightwalla plans to revolutionize the air freight solutions through its digital platform.