Wiz Freight, a Chennai-based tech-enabled freight management platform for exporters and importers, announced today that it has raised Rs 275 crore ($36 million) in a new financing round led by Tiger Global, a US-based venture capital firm.
Other investors who took part in the round included Axilor Foundamental, Arali Ventures, Stride Ventures, and Alteria Capital.
Wiz Freight is a tech platform that allows exporters and importers in emerging markets to book and manage cross-border shipments. It was founded in August 2020 by serial entrepreneurs Ramkumar Govindarajan and Ramkumar Ramachandran.
Shippers can use the platform to find capacity, get dynamic pricing, and optimise their routes.
Wiz Freight wants to expand its footprint to 15 countries in Southeast Asia, West Asia, and Africa with this round of finance. In addition, the business wants to increase its personnel and open two research centres in Singapore and Bengaluru focused on artificial intelligence (AI), blockchain, and connected devices (India).
In an interview with ET, Ramkumar Govindarajan stated the company has been profitable since its inception and has grown by more than 20% month on month (MoM) in the last year. He adds that Wiz Freight expects to raise income by 300 percent this year.
Stride Ventures had previously provided the supply chain company with a debt of Rs 20 crore in January 2022. Wiz Freight’s total funded sum currently stands at over $42 million as the current round comes to a close.
