B2B logistics technology ecosystem CargoFL raised Rs 6.75 Cr Seed funding
In its seed round, CargoFL, a B2B logistics technology ecosystem, raised Rs 6.75 crore under the leadership of YourNest Venture Capital. Sanchi Connect Accelerator contributed Rs 25 lakh, YourNest contributed Rs 4.7 crore, Real Time Angel Fund (RTAF) and Peaceful Progress Angel Fund contributed Rs 50 lakh each, and angel investors Rajesh Sawhney, Dinesh Gulati, Dinesh Chandra Agarwal, and Murugavel Janakiraman contributed Rs 80 lakh.
Previously, the Pune-based business raised $135K from HPCL and other sources.
The money will be used to improve product capabilities, such as supply chain automation and logistics, client onboarding and implementation across geographies, and the development of a sales engine for growth in India, Southeast Asia (SEA), the Middle East and North Africa (MENA), and North America, according to a press release from CargoFL.
CargoFL is an AI decision intelligence platform for supply chain and logistics that was co-founded in 2017 by Wasim Khan and Deepesh Kuruppath. With an emphasis on major enterprise clients, the company provides an AI operating system especially made for the supply chain and logistics sector. By using AI to handle crucial functions like demand forecasting, route optimization, transport management, and real-time tracking, it assists businesses in improving their logistics operations.
CargoFL is dedicated to changing the logistics industry and providing businesses with cutting-edge vertical artificial intelligence (AI) supply chain and logistics solutions. The business provides a full-featured logistics operating system that facilitates smooth cooperation between suppliers, distributors, and carriers.
For businesses in the manufacturing, pharmaceutical, and retail industries, CargoFL offers an AI-driven platform. Currently, it has more than 25 major companies on its client list, including Decathlon, Godrej, Schaeffler, Metro Brands, and Puma. around the following 18 to 24 months, it hopes to onboard around 25 customers in India and a few more in foreign countries in order to reach an ARR of $3 million.
