Smart Express raises Rs 100 Cr
With a seed capital of Rs 100 crore, Mumbai-headquartered logistics startup Smart Express is launching operations with IIFL India Private Equity Fund and Smiti Holding & Trading Company (Jalaj Dani family office) leading the round.
Amidst other co-founders, promoter and Founder Yogesh Dhingra have also participated in this round.
Moreover, their investments are likely to happen in two tranches over the next two years linked to predefined business milestones to expand across cities and reach a certain scale.
Yogesh Dhingra, having promoted this company, has been the former CFO, COO, and CSO of Blue Dart Express Ltd. He has also played a major role in the acquisition of Blue Dart by DHL. With 27 years of experience, he is clearly a veteran in the logistics space and has led several initiatives to build an automated infrastructure at Blue Dart.
Building a core team and creating Pick-Up and Delivery (PUD) and transit hub infrastructure to service customers across India are the topmost priorities of this company while using these funds.
Moreover, developing unique and state-of-the-art technology to support operations and building innovative solutions that will enable customers to experience best-in-class services at optimal cost are also key areas where this company wishes to spend.
Yogesh Dhingra, the Managing Director and CEO, Smart Express, said, “We are committed to building a platform that provides high service quality and better products for our customers at competitive price points through a transparent process. Our state-of-the-art technology will help provide 360 visibility, faster transit time, and better customer experience. To make a difference in the market, we are also creating a future-ready team that has a combination of industry experience, passion, and energy.”
This year alone, the startup plans to commence its operations during the festive season in about 30 cities. Smart Express aspires to build over 300 centers across India in the next three years which will include its own PUD service centers, transit hubs, and alliance partners.
Speaking on initial fundraise and leading the round, Vikrant Sibal, Senior Executive Vice President, IIFL AMC added, “India’s logistics space is vibrant and dynamic. In the current pandemic scenario, the importance of the sector has grown manifold. We are happy to embark on this exciting journey with the vastly experienced Smart Express Team.”
They are aiming to build business across segments including B2B, B2C, D2C, C2C, and hyper-local delivery over a period. Moreover, they are offering a unique service offering in the air express category, the company will provide AM/PM deliveries based on customer requirements. For those customers who are unable to afford air services, the company will also offer packages with 48/72/96 hours deliveries for cost-effective solutions.
Smart Express appears to be an innovative startup in the logistics space offering high-quality and affordable solutions to customers. I’m sure the company will soon emerge as a dominant player in this segment. My best wishes to the team of Smart Express.Shishir Gupta, Founder and CEO, StartupLanes
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