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Pune-based intelligent supply chain startup FreightFox has raised $600,000 in a seed funding round led by Aeravti Ventures, along with participation from founders and CXOs.
Prior to this round, the startup had raised $300,000 in April 2021. With this round of funding, FreightFox will focus on developing its platform and entering into new markets.
What does FreightFox do?
Founded in October 2020 by Nitish Rai, Manjari Sharma, Dhananjaya Shetty, Sandeep Mukhopadhyay, and Vikas Singh to address the complexities of freight sourcing.
The startup provides a data-first enterprise transportation procurement and management system powering growth through more choices, better control and certainty in decision-making for manufacturing logistics.
"Aeravti Ventures has been an early believer of our platform and with their backing, we're poised to boost our data and AI capabilities, streamlining logistics for the manufacturing sector," said Nitish Rai, Co-founder of FreightFox.
"FreightFox's comprehensive platform, experienced team and customer-first approach made our investment decision a no-brainer. We look forward to the value they'll unlock for global manufacturers," said Shubham Jhuria, Partner & CFO at Aeravti Ventures.
The startup claims to have gained recognition from multiple Fortune 500 companies for its exceptional value proposition and rapid implementation. It is now aiming for both domestic and international expansion, furthering its commitment to logistics innovation and reshaping the supply chain landscape.
How Indian logistics sector is evolving?
India's supply chain and logistics sector is one of the largest in the world. In 2021, the market was worth $250 billion and contributed to almost 14.4% of India's GDP. The sector employs more than 22 million people.
Over the last 20 years, the Indian logistics sector has grown rapidly from $15 billion in 2000 to over $100 billion in 2020. The Indian government also introduced the National Logistics Policy on September 18, 2022 to strengthen supply chains. The policy aims to grow the logistics sector from $200 billion in 2020 to $320 billion by 2025.
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