Chennai-based Wiz Freight Secures INR 93 Cr in Series B Funding
Chennai-based supply chain startup Wiz Freight has successfully raised INR 93.3 Crores (approximately $11.2 million) as part of its Series B funding round.
The funding round was led by Japan-based SBI Investments and included participation from investors such as Tiger Global, Nippon Express Fund, Axilor Technologies Fund, Arali Investments, and Unikon Shipping Ventures.
Series B Funding Details and Future Plans
Wiz Freight plans to raise a total of $30 million in its Series B round in two tranches of $15 million each, at a targeted valuation of $175 million. The recent funding round saw SBI Investments leading with INR 33.3 Crores, while Tiger Global, Nippon Express Fund, and Axilor Technologies Fund contributed INR 18.71 Crores, INR 16.62 Crores, and INR 10.42 Crores, respectively. Arali and Unikon also participated with a combined investment of INR 14.32 Crores.
The company intends to utilize the raised capital for growth, expansion, and general corporate activities, as outlined in official filings.
Background and Offerings of Wiz Freight
Founded in August 2020 by Ramkumar Govindarajan and Ramkumar Ramachandran, Wiz Freight specializes in assisting exporters and importers in booking and managing cross-border shipments through its platform. The startup provides a range of services, including cargo insurance, air freight, customs clearance, FCL (Full Container Load), LCL (Less than Container Load) shipping, trade advisory, and land transport.
Wiz Freight claims to operate in 50 offices worldwide, facilitating the shipment of 45,744 twenty-feet equivalent units (TEUs) and 2,882 air tonnage as of 2023. The startup has a global presence with offices in India, the US, UAE, Thailand, Singapore, and Hong Kong.
Previous Funding and Growth
This Series B funding round follows Wiz Freight’s Series A funding round, where the company raised INR 275 Crores (approximately $36.3 million) nearly two years ago. In January 2022, the startup secured INR 20 Crores in debt funding from Stride Ventures. Wiz Freight has now accumulated over $50 million in funding to date. The latest investment is expected to support the company’s ongoing expansion and development initiatives.