Wiz Freight, that positions itself as a full stack freight forwarding plus disruptive techhas raised Rs 125 crore ($15 million), in a post-money valuation of Rs 1,400 crore ($168 million), resulting a 50% hike from its earlier valuation in the previous round.
Ramkumar Ramachandran, Co-founder and Chairman, Wiz Freight commented “Wiz Freight is set to double its workforce at the Tech and R&D centre in Chennai, currently home to 200 employees. The primary focus is on scaling up the tech platform for efficiency. The tech team has demonstrated agility with the launch of Eylrx.AI, showcasing a commitment to cutting-edge tech products. More innovations are already in the pipeline,” said
Wiz Freight Eyes Global Expansion
The current fundraising initiative is part of a larger Series B funding round that the Chennai-based plans to close this year. The capital acquired will be allocated towards expanding the company’s global operations in Southeast Asia, the Middle East, and the United States, along with enhancing its logistics solutions.
In March 2022, the company secured Rs 275 crore ($36 million) in Series A funding in a mix of equity and debt led by Tiger Global, with participation from Axilor Ventures, Foundamental, Arali Ventures, Alteria Capital, and Stride Ventures.
The Series B equity funding round by Wiz Freight was led by Japan-based venture capital SBI Investment. The round also saw participation from Tiger Global Management, Nippon Express Holdings, Axilor Technologies Fund, Foundamental, Arali Investments, and Unikon Shipping Ventures, along with several family offices.
Wiz Freight was founded in 2020 as a tech enabled alternative for emerging markets.