In a significant development, Wiz Freight, a pioneering digital freight management startup, has successfully secured Rs 125 crore ($15 million) in a Series B equity funding round. The funding was spearheaded by Japan-based venture capital firm SBI Investment and saw active participation from prominent entities such as Tiger Global Management, Nippon Express Holdings, Axilor Technologies Fund, Foundamental, Arali Investments, Unikon Shipping Ventures, and several family offices.
This Series B funding has propelled Wiz Freight to a post-money valuation of Rs 1,400 crore ($168 million), marking an impressive 50% increase from its previous valuation in the last funding round. The strategic infusion of capital is expected to fuel the company’s ambitious plans for global expansion and enhance its technological capabilities.
Ramkumar Ramachandran, Co-founder and Chairman of Wiz Freight, revealed, “Wiz Freight is poised to double its workforce at the Tech and R&D centre in Chennai, currently housing 200 employees. The primary objective is to scale up the tech platform for enhanced efficiency. The tech team has showcased remarkable agility with the launch of Eylrx.AI, underlining our commitment to cutting-edge tech products. We have more innovations already in the pipeline.”
This funding round is part of a broader Series B funding initiative that Wiz Freight intends to conclude later this year. The capital raised will be strategically deployed to expand the company’s global footprint, with a particular focus on Southeast Asia, the Middle East, and the United States. Additionally, funds will be allocated to further enhance the company’s logistics solutions.
In March 2022, Wiz Freight successfully raised Rs 275 crore ($36 million) in Series A funding, a combination of equity and debt. Tiger Global led the Series A round, with participation from Axilor Ventures, Foundamental, Arali Ventures, Alteria Capital, and Stride Ventures. The company reported a noteworthy revenue of approximately Rs 1,325 crore in FY23, marking a remarkable 300% increase from the previous fiscal year. Wiz Freight anticipates maintaining a similar revenue run rate in FY24.
Ramachandran emphasized, “The revenue growth in FY23 is a testament to our robust business model. We are optimistic about maintaining this trajectory, and the ongoing funding will play a pivotal role in supporting our expansion plans.”
Currently, Wiz Freight boasts an 850-member team operating in 30 locations across India and five countries, providing services to over 1500 businesses. Some of its notable clients include Adani Group, Mahindra Group, Tata Group, Acer, Reckitt, Kraft, and Skechers.
Established in January 2020 by co-founders Ramkumar Govindarajan and Ramkumar Ramachandran, Wiz Freight stands out as a digital cross-border supply chain startup. The company specializes in assisting exporters and importers in booking and managing their shipments through its AI-powered platform. The platform offers a range of services, including instant capacity discovery, routing, door-to-door tracking, and automated customizable document workflows.
As Wiz Freight continues to attract significant investment and expand its reach, the company appears well-positioned to play a pivotal role in shaping the future of digital freight management on a global scale.
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