Supply chain startup Wiz Freight has raised Rs 275 crore or $36 million in a Series A round led by Tiger Global with participation from Axilor, Foundamental, Arali Ventures, Stride Ventures and Alteria Capital. The Chennai-based startup had scooped up $3.5 million in its seed round led by Axilor in August last year.
With the fresh proceeds, Wiz Freight plans to expand to 15 countries in Southeast Asia, West Asia and Africa, said the company in a statement. The company will also hire new talents and set up two research centres in AI, blockchain and connected devices in Singapore and Bengaluru.
Founded in 2020 by Ramkumar Govindarajan and Ramkumar Ramachandran, Wiz Freight uses its proprietary technology platform to offer end-to-end shipment management solutions including price discovery, booking management, shipment tracking, documentation, shipment finance and customer support. The company offers solutions across ocean, air and road freight along with value-added services such as door pick-up and delivery, custom clearance, road logistics and warehousing.
According to the company, it has a team of over 350 people across more than 15 locations and a network of over 200 carriers and vendors. It caters to mid and large corporates and has customers including the Tatas, Adani group, Mahindra, Aditya Birla, Renew Power, Hero Motors, ITC, and Marico, among others.
Tiger Global has continued its investment spree in Indian startups in the ongoing calendar year. The New York-based fund has backed around a dozen startups this year including Oxyzo, Games24x7, Multiplier, Money View, InFeedo, DealShare, M2P Fintech, Refyne, LoadShare, ChargeBee and Jar. Among them, DealShare, Oxyzo and Games24x7 have entered the unicorn club in 2022.