In ongoing Series B round, supply chain startup Wiz Freight raised $15 M
India-based supply chain startup Wiz Freight has completed a Series B funding round led by SBI Investment, which has raised approximately Rs 125 crore, or $15 million. Tiger Global, NIPPON EXPRESS HOLDINGS, Axilor Technologies Fund, Foundamental, Arali Investments, Unikon Shipping Ventures, and a few family offices were also involved in the round.
With the new investment, the company hopes to expand its global operations into Southeast Asia, the Middle East, and the US and improve its technology-driven logistics solutions even more, according to a press release from Wiz Freight.
According to Wiz Freight, the new tranche has a post-money valuation of approximately Rs 1,400 crore, or $170 million, which represents a 50% increase over the valuation from its previous round.
Wiz Freight also stated that it wants to close this year and that it will raise the Series B round in two tranches.
Wiz Freight provides end-to-end shipment management solutions, including price discovery, booking management, shipment tracking, documentation, shipment finance, and customer support. The company was founded in 2020 by Ramkumar Govindarajan and Ramkumar Ramachandran.
“WIZ is set to double its workforce at the Tech and R&D Center in Chennai, currently home to 200 employees. The primary focus is on scaling up the tech platform for enhanced efficiency,” said Ramachandran.
The company and the Tamil Nadu government recently inked a Memorandum of Understanding (MoU) for a planned investment of Rs 300 crore over the following five years, with the expectation of adding 2,000 new jobs.
Although Wiz Freight has not yet disclosed its FY23 financial figures, in FY22, its operating revenue increased 18.2X to Rs 327.5 crore. In the same time frame, it made Rs 8 crore in profit.
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