Wiz Freight, a full-stack digital cross-border supply chain startup, raised a Series A round of Rs 275 Cr ($36 million). The round was in a mix of equity and debt, which was led by Tiger Global Management with participation from Axilor Ventures, Fundamental, Arali Ventures, Stride Ventures, and Alteria Capital.
The investment is marked as the largest Series A funding in Indian logistics. The startup is planning to utilize the fresh capital in the following ways;
Wiz claims to be the only digital player in the emerging markets to work directly between carriers and shippers. By using a full-stack execution model offering significant cost savings and operational reliability to customers.
Wiz Freight was founded by Ramkumar Govindarajan and Ramkumar Ramachandran in August 2020. Wiz Freight allows enterprises and SMBs to automate their cross-border logistics operations.
Last year Wiz Freight had raised $3.5 million in its seed round, which was led by Axilor.
They have a team of over 350 people across more than 15 locations and a network of over 200 carriers and vendors.
Ramkumar Govindarajan, Co-founder and CEO of Wiz Freight, stated, "We plan to open two new tech R&D centres in Bengaluru and Singapore to carry out further development of our AI/ML (artificial intelligence/machine learning), blockchain, and IoT (Internet of Things) capabilities to offer intelligent and connected cross-border shipping to its customers."
"We’re helping customers take control of their supply chains by offering 10X shipment visibility, intelligent risk-optimized routing solutions and multi-carrier capacity offerings through our tech platform and build maximum resilience to avoid business disruptions. We’re deeply committed to building disruptive shipping solutions for businesses in emerging markets, and the tail-winds around post-pandemic tech adoption are helping the company reach its mission faster.” He added.
"We’re excited about partnering with the team at Wiz as they build a leading digital cross-border transporter in emerging markets,” said Griffin Schroeder, Partner, Tiger Global.