Supply Chain Startup Wiz Freight Secures INR 93 Cr As Part Of Series B Funding Round

Chennai-based supply chain startup Wiz Freight has raised INR 93.3 Cr (around $11.2 Mn) as part of its Series B funding round. Led by Japan-based SBI Investments, the round also saw participation from Tiger Global, Nippon Express Fund, Axilor Technologies Fund, Arali Investments and Unikon Shipping Ventures.

According to an Entrackr report, the startup plans to raise $30 Mn in the Series B round in two tranches of $15 Mn each, at a valuation of $175 Mn.

As per the filings, the Wiz Freight board has passed a special resolution to issue 1,790 Series B compulsorily convertible preference shares (CCPS) at an issue price of around INR 5.21 Lakh each.

SBI Investments led the round with INR 33.3 Cr while Tiger Global, Nippon Express Fund, and Axilor Technologies Fund pumped in INR 18.71 Cr, INR 16.62 Cr, and INR 10.42 Cr, respectively. Arali and Unikon also participated with INR 14.32 Cr cumulatively.

The company will use these proceeds for growth, expansion, and general corporate activities, as per filings.

Founded in August 2020 by Ramkumar Govindarajan and Ramkumar Ramachandran, Wiz Freight helps exporters and importers book, as well as manage, cross-border shipments through its platform. Its offerings include cargo insurance, air freight, customs clearance, FCL and LCL shipping, trade advisory and land transport.

The startup claims to have 50 offices across the world, shipping 45,744 twenty-feet equivalent units (TEUs) and 2,882 air tonnage as of 2023. The startup claims to have offices in India, the US, UAE, Thailand, Singapore and Hong Kong.

The funding round comes nearly two years after the startup raised INR 275 Cr (around $36.3 Mn) in its Series A funding round led by Tiger Global. In January 2022, Wiz Freight raised INR 20 Cr in debt funding from Stride Ventures. Wiz Freight has raised over $50 Mn to date.

The development was first reported by Entrackr.

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