Sunday, September 25, 2022
HomeInsightFunding Alert Digital Freight Startup Wiz Freight raises Rs 275 cr in funding

[Funding alert] Digital Freight Startup Wiz Freight raises Rs 275 cr in funding

Ramkumar Ramachandran and Ramkumar Govindarajan - Wiz Freight co-founders
Ramkumar Ramachandran and Ramkumar Govindarajan – Wiz Freight co-founders

Digital freight management platform Wiz Freight has raise Rs 275 crore in a funding round from Tiger Global with participation from Axilor, Foundamental, Arali Ventures, Stride Ventures, and AlteriaCapital.

The company plans to use the funds to expand to 15 countries in Southeast Asia, West Asia, and Africa. The company also plans to double the headcount and set up two research centers in AI, blockchain, and connected devices in Singapore and Bengaluru.

Chennai-based Wiz Freight was founded in August 2020 by serial entrepreneurs Ramkumar Govindarajan and Ramkumar Ramachandran, it provides end-to-end shipment management solutions, handles price discovery, booking management, shipment tracking, documentation, shipment finance, and provides customer support to businesses.

Along with this, Wiz has big business houses like Adani, ITC, and Tata Group, which help him to ship cargo across the world.

“We have been profitable right from inception. We are growing at 20% month-on-month over the last twelve months. We plan to achieve a revenue increase of 300% this year”, said, Ramkumar Ramachandran, chief business officer of Wiz Freight.

Earlier this year in January, it had raised Rs 20 crore in debt from Stride Ventures. Series A fund infusions include a mix of equity and debt.

“Wiz was building a leading digital cross border transporter in emerging markets, making the investor sanguine about the opportunity”, said, Griffin Schroeder, Partner at Tiger Global.

Ramachandran said the current crisis due to the Russo-Ukraine war has created a temporary disruption in the supply chain for shippers, but for companies like Wiz Freight, the disruption will prove beneficial in the long run. Ramkumar also said that unfavorable market conditions have often led to rapid adoption of technology-led solutions, as seen in the digital transformation of companies in the wake of the pandemic.  

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