Chennai-based Wiz Freight, a tech-enabled freight management platform for exporters and importers, today announced it has raised Rs 275 crore or $36 million in a new financing round led by US-based venture capital firm Tiger Global.
The round also witnessed participation from other investors, including Axilor Foundamental, Arali Ventures, Stride Ventures, and Alteria Capital.
Founded in August 2020 by serial entrepreneurs Ramkumar Govindarajan and Ramkumar Ramachandran, Wiz Freight enables exporters and importers in emerging markets to book and manage their cross-border shipments on its tech platform.
The platform offers capacity discovery, dynamic pricing and enables shippers to optimize their routes.
With this round of funding, Wiz Freight plans to expand its presence to 15 countries in Southeast Asia, West Asia, and Africa. Additionally, the company also plans to double its headcount and set up two research centers in artificial intelligence (AI), blockchain, and connected devices in Singapore and Bengaluru (India).
Ramkumar Govindarajan in an interview with ET said the startup has been profitable from its inception and saw over 20% month-on-month (MoM) growth in the last twelve months. Wiz Freight plans to increase its revenue by 300% this year, he adds.
Previously, the supply chain startup had raised Rs 20 crore in a debt in January 2022 from Stride Ventures. Concluding the current round, Wiz Freight’s total raised amount now stands over $42 million.