The round also participation from Tiger Global, NIPPON EXPRESS HOLDINGS, Axilor Technologies Fund, Foundamental, Arali Investments, Unikon Shipping Ventures, and several family offices.
The funding round has elevated Wiz Freight's post-money valuation to Rs 1,400 crore (nearly $170 million), marking a 50% increase from its previous valuation.
Focusing on international expansion
With the fresh capital, Wiz Freight aims to broaden its international footprint, targeting Southeast Asia, the Middle East, the US, and additional countries including Saudi Arabia, Vietnam, China, and Malaysia.
The startup is focused on enhancing its technology-driven logistics solutions, aiming to double its workforce at the Tech and R&D Center in Chennai, which is currently home to 200 employees.
Assisting in managing shipments
Wiz Freight has recently acquired the India leg of M+R Spedag Logistics and ATZ Shipping, indicating its plans to expand further in the logistics and warehousing space through small and medium acquisitions.
It assists exporters and importers in booking and managing their shipments.
Partnering with the Tamil Nadu government
The startup, which was founded in January 2020 by Ramkumar Govindarajan and Ramkumar Ramachandran, also signed a memorandum of understanding (MoU) with the Tamil Nadu government, committing to an investment of Rs 300 crore over the next five years, expected to generate 2,000 jobs.
Co-founder and Chairman Ramkumar Ramachandran, said, "Wiz is set to double its workforce at the technology and research and development centre in Chennai, currently home to 200 employees. The primary focus is on scaling up the technology platform for enhanced efficiency."
Wiz Freight currently has a current team of about 850 employees across 30 locations.
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