Chennai, India-based supply chain platform Wiz Freight raised USD 36 million (INR 275 crore) in the Series A round on March 30, 2022.
Tiger Global led the funding round for Wiz Freight. Besides, other investors include Axilor, Foundamental, Arali Ventures, Stride Ventures and Alteria Capital.
So far, it is the largest Series A funding for an Indian firm in the logistics segment.
Utilization of Funds by Wiz Freight
The latest funding will help Wiz Freight expand in 15 countries across Southeast Asia, West Asia, and Africa.
Moreover, the startup will hire new talent by doubling its headcount. They seek to set up two research centres in AI, blockchain and connected devices in Singapore and Bengaluru.
Wiz Freight will also accelerate its technology and Research and Development sector. Earlier in August 2021, the startup raised USD 3.6 million from Axilor in its seed funding round.
What the co-founder has to say
Speaking on the recent fundraise, Ramkumar Govindarajan, Co-founder and CEO of Wiz Freight, said, “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.”
“Global trade is witnessing all-time high volatility in capacity & rates led by pandemic and the recent geopolitical events causing massive disruptions in supply chain planning & execution for shippers. 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. The tailwinds around post-pandemic tech adoption are helping the company reach its mission faster,” he added.
What the investor has to say
“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.
About Wiz Freight
Logistics veterans Ramkumar Govindarajan and Ramkumar Ramachandran brought Wiz Freight into existence in August 2020. Wiz Freight allows enterprises and SMBs to automate their cross-border logistics operations. The company’s platform stacked with AI technology offers capacity discovery and dynamic pricing and enables shippers to optimize their routes.
Wiz Freight has customers from large business houses such as Adani, ITC, and the Tata Group, helping them ship cargo worldwide.
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 in the Series A round on March 30, 2022.Tiger Global led the funding round for Wiz Freight.){kind=link}