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CargoFL, a B2B logistics technology platform, has raised Rs 6.75 crore in its seed funding round, led by YourNest Venture Capital.
The round includes Rs 4.7 crore from YourNest, Rs 50 lakh each from Real Time Angel Fund (RTAF) and Peaceful Progress Angel Fund, Rs 25 lakh from Sanchi Connect Accelerator, and Rs 80 lakh from angel investors such as Dinesh Chandra Agarwal, Dinesh Gulati, Murugavel Janakiraman, and Rajesh Sawhney.
Read also - Nasscom Foundation Appoints Jyoti Sharma as New CEO
Purpose of fund raising
CargoFL plans to use the funds raised to build a growth sales engine in India, Southeast Asia (SEA), the Middle East and North Africa (MENA), and North America.
The company said in a press release that will also enhance product capabilities, focusing on logistics and supply chain automation and client onboarding and implementation across different regions.
CargoFL, based in Pune, had previously raised $135K from HPCL and other investors.
About CargoFl
Founded in 2017 by Deepesh Kuruppath and Wasim Khan, CargoFL is an AI-driven logistics and supply chain management platform. It serves as an AI operating system for large enterprise customers, helping companies improve their logistics operations with AI-driven solutions for transport management, route optimization, demand forecasting, and real-time tracking.
CargoFL aims to transform the logistics landscape with Vertical AI solutions for logistics and supply chains, providing a comprehensive operating system for seamless collaboration among stakeholders like carriers, distributors, and suppliers.
The company serves retail, pharma, and manufacturing enterprises, with clients such as Puma, Godrej, Schaeffler, Metro Brands, and Decathlon.
The company aims to reach an annual recurring revenue (ARR) of $3 million in the next 18-24 months by adding over 25 customers in India and expanding to international markets.
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