Tiger Global leads $36m round of Indian supply chain startup

India-based Wiz Freight, a digital cross-border supply chain startup, has raised 2.75 billion rupees (US$36 million) – a mix of equity and debt – in a series A funding round led by Tiger Global. Investors including Axilor Ventures and Fundamental also participated in the round.

Wiz Freight co-founders Ramkumar Ramachandran (left) and Ramkumar Govindarajan / Photo credit: Wiz Freight

Wiz Freight aims to tap into the fragmented global shipping industry, which it pegs to be worth US$2 trillion. Its tech-driven platform makes it easier for exporters and importers in emerging markets to book and manage cross-border shipments. Its services include capacity discovery, optimized routing, and automated document workflows, among others.

Founded in August 2020 by serial entrepreneurs Ramkumar Govindarajan and Ramkumar Ramachandran, Wiz currently employs more than 350 people and has a network of more than 200 carriers and vendors. It caters to more than 1,500 enterprises, including conglomerates like Mahindra, Tata, and Aditya Birla.

Wiz said it has been its revenue has been doubling quarter on quarter and it is aiming for a 400% growth in revenue growth in the coming year. The firm also expects to double its headcount in the next year.

The startup said it will set up two new tech-focused research and development centers in Bengaluru and Singapore. The company also plans to launch its operations in 15 other countries in Southeast Asia and the Middle East and Africa region, with Singapore and Dubai set to be its headquarters by the end of 2022.

Last August, Wiz closed a seed round of US$3.5 million that saw the participation of Arali Ventures, Fundamental, and other individual investors.

See also: Series SEA: Who’s investing in the region’s logistics and transportation startups?

Other investors in the new round include:

• Arali Ventures
• Stride Ventures
• Alteria Capital

Currency converted from Indian rupee to US dollar: US$1 = 75.69 rupees