Chennai-based start-up Wiz Freight has raised a Series A funding of ₹275 crore in a mix of equity and debt led by Tiger Global with participation from Axilor Ventures, Foundamental, Arali Ventures, Stride Ventures and Alteria Capital. The investment marks the largest Series A funding in Indian logistics sector. The company will utilise the funds to accelerate its technology research and development and global expansion into Southeast Asia, the Middle East and Africa with the new investment.
Founded in August 2020 by Ramkumar Govindarajan and Ramkumar Ramachandran, Wiz Freight helps exporters and importers in emerging markets book and manage their cross-border shipments on its tech platform with e-commerce-like convenience. The start-up claims that its AI-powered platform offers instant capacity discovery, dynamic pricing, optimised routing, door-to-door tracking and automated document workflows saving countless hours for shippers.
Ramkumar Govindarajan, CEO, Wiz Freight said, “Global trade is witnessing all-time high volatility in capacity and rates led by pandemic and the recent geopolitical events causing massive disruptions in supply chain planning & execution for shippers.” He added, “We’re helping customers take control of their supply chains by offering 10x shipment visibility, intelligent risk-optimised routing solutions and multi-carrier capacity offerings through our tech platform and build maximum resilience to avoid business disruptions.”
