SG logistics firm banks $7m in series A money

GoComet, a Singapore-based logistics firm, has raised US$7 million in a series A round led by Rider Global and Atlas Ventures.

Jetty Ventures, Rebright Partners, Leo Capital, and Krishna Capital also took part in the funding round.

Photo credit: GoComet

Founded in 2018, GoComet uses deep-learning algorithms to automate end-to-end logistics operations for companies. It allows firms to reduce freight costs, track shipments in real time, and optimize operations.

The company was founded by Ayush Lodhi, Chitransh Sahai, Gautam Prem Jain, and Mehul Katiyar, who have all worked at Housing, a real estate search portal.

“We aim to use this capital to attract and retain key talent and expand our customer base into newer segments and markets,” said Gautam Prem Jain, CEO and co-founder of GoComet.

The fresh funds will also be used to develop GoComet’s platform and grow its business in the US and Europe.

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

GoComet will look to capitalize on the boom in logistics in Singapore, riding on the country’s competitive advantages such as efficiency, reliability, and network resilience. The sector is poised to clock a compounded annual growth rate of 8% by 2027.

The company has raised US$9.5 million in total funds to date.

Some of GoComet’s clients include Sun Pharma, Sapmer, Glenmark, Polyplex, Alliance Tires, Lupin, and ACG. It has operations across Southeast Asia, the US, and Europe.