Wiz Freight announces ₹125 crore Series B Funding
The Hindu
Chennai-based start-up WIZ Freight raises ₹125 crore in Series B funding, plans to expand globally and enhance logistics solutions.
Chennai-based WIZ Freight, a full-stack digital cross-border supply chain start-up, has raised Series B funding of ₹125 crore in equity led by Japan-based SBI Investment at a post-money valuation of ₹1,400 crore registering a 50% jump in the valuation from its last round.
The company plans to grow its global operations in Southeast Asia, the Middle East, and the US with the new investment and further enhance its technology-driven logistics solutions. Ambit was the financial advisor to Wiz Freight on the Series B fund raise.
The company plans to raise the Series B round in two tranches. The current fund raise is a part of the larger round which the company intends to close this year. The round also saw participation from Tiger Global, NIPPON EXPRESS HOLDINGS, Axilor Technologies Fund, Foundamental, Arali Investments, Unikon Shipping Ventures, and a few family offices.
Founded in January 2020 in Chennai by serial entrepreneurs Ramkumar Govindarajan and Ramkumar Ramachandran, Wiz helps exporters and importers in emerging markets book and manage their cross-border shipments on its tech platform with e-commerce-like convenience. Wiz’s AI-powered platform offers instant capacity discovery, dynamic pricing, optimised routing, door to door tracking, and automated customizable document workflows, saving countless hours for shippers.
Ramkumar Ramachandran, Co-founder, Chairman, WIZ, said, “WIZ is set to double its workforce at the Tech and R&D Center in Chennai, currently home to 200 employees. The primary focus is on scaling up the tech platform for enhanced efficiency.”
“WIZ has recently signed a MoU with the Tamil Nadu government for a proposed investment of ₹300 crore over the next five years and is expected to create 2000 more jobs.”, said Ramkumar Govindarajan, Co-founder and CEO, WIZ.
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