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Wiz Freight raises $3.5M in seed round

wiz freight funding

Full-stack digital freight management platform, Wiz Freight, announced that it has raised funds worth $3.5 million in its seed round led by Axilor. 

Arali Ventures and Foundamental, along with angel investors Ramakant Sharma, Co-founder of LivSpace, and Daniel Richner, Chairman of M+R Spedag Group, a Swiss-based logistics conglomerate also participated in the round.

Established by Ramkumar Govindarajan and Ramkumar Ramachandran, Wiz’s full-stack platform enables companies and SMBs to automate their cross-border logistics operations. 

Ramkumar Govindarajan, Co-founder of Wiz said, “We are witnessing a huge need for digitisation with pandemic-led disruptions in digitization supply chains. Customers are flocking towards solutions that offer better visibility and control over their shipments. We are delighted by the tremendous response from customers for our tech-led solutions. We are confident that we will be able to create a long-term impact in this multitrillion-dollar global trade industry by leveraging technology.”

The Chennai-based startup began its journey in August 2020 with a single offering of ocean import solutions from China into India.

At present, Wiz Freight provides export and import solutions by ocean and air connecting India with significant international trade locations, becoming the single digital full-stack player in the region to offer door-to-door multimodal solutions. 

Commenting on the investment, Nandan Venkatachalam, who led the investment at Axilor, said, “The global freight supply chain is undergoing a generational shift, driven by the surge in cross-border demand, the container shortage crisis, and COVID-19. The industry has not seen a bigger need than now to get organized, digitize, and eliminate layering to enable faster and cost-effective shipments.

“Wiz is best placed to use this as a launchpad to build out their business. We are glad to be leading their seed round and backing their vision of being the largest digital freight platform across emerging markets.”

The startup claims to cater to more than 200 enterprise and mid-market customers across India, South East Asia, and the Middle East. They have doubled their revenue Q-o-Q backed by solid repeat customer business while displaying healthy gross margins. Their customer roster includes companies like Adani, Tata, Mahindra, Aditya Birla, Renew, Hero, ITC, Marico, Zetwerk, and Zilingo.

Arun Raghavan, Founding Partner at Arali Ventures, said, “The traditional freight forwarding service players have been a laggard in tech adoption, whereas enterprise customers want a fully digital experience. Wiz’ founders, with their industry experience and tech skills, are best suited to disrupt this industry, and we have already seen this play out in the last 12 months.” 

“We are very excited to partner with and build alongside Ram G and Ram R, two domain experts that exemplify founder-market fit. Cross-border freight represents a large market that is taking center stage in a post-COVID world and yet remains largely undigitised. Wiz’s full-stack approach, combined with the founders’ execution in delivering momentum and growth positions it strongly as a potential winner in this space,” added Shubhankar Bhattacharya, General Partner at Foundamental.

Wiz Freight seems to have acquired a strong market position and is simplifying logistics for several established companies with its solutions. The sky is the limit for this innovative company. My best wishes to the entire team of Wiz Freight.

Shishir Gupta, Founder and CEO, StartupLanes

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