In a recent development, supply chain startup Wiz Freight has successfully raised Rs 125 crore (approx. $15 million) in an ongoing Series B funding round led by Japan-based SBI Investment. The funding round witnessed participation from notable entities such as Tiger Global, NIPPON EXPRESS HOLDINGS, Axilor Technologies Fund, Fundamental, Arali Investments, Unikon Shipping Ventures, and several family offices.
Wiz Freight, founded in 2020 by Ramkumar Govindarajan and Ramkumar Ramachandran, specializes in end-to-end shipment management solutions, covering aspects like price discovery, booking management, shipment tracking, documentation, shipment finance, and customer support.
The company has ambitious plans to utilize the newly acquired funds to expand its global operations in key regions such as Southeast Asia, the Middle East, and the US. The objective is to enhance its technology-driven logistics solutions, as a recent press release outlined.
With the latest tranche pushing the post-money valuation to Rs 1,400 crore (approx. $170 million), Wiz Freight has experienced a remarkable 50% increase in valuation from its previous round. The company has strategically planned the Series B round in two tranches, aiming to conclude the fundraising within the current year.
One of Wiz Freight’s significant focuses is on doubling its workforce at the Tech and R&D Center in Chennai, presently housing 200 employees. According to Ramkumar Ramachandran, the emphasis is on scaling up the tech platform to achieve enhanced efficiency.
Notably, Wiz Freight recently inked a Memorandum of Understanding (MoU) with the Tamil Nadu government, outlining a proposed investment of Rs 300 crore over the next five years. This strategic partnership is expected to generate 2,000 additional job opportunities.
While specific financial details for the fiscal year 2023 are pending, Wiz Freight’s performance in the fiscal year 2022 is noteworthy. The company reported an impressive 18.2X surge in revenue from operations, reaching Rs 327.5 crore. Moreover, it achieved profitability with a net income of Rs 8 crore during the same period.
In summary, Wiz Freight’s successful funding round and strategic initiatives position the company for substantial growth, both in terms of global expansion and technological innovation within the supply chain sector.
