Cross border shipments enabler Wiz Freight raises Rs.93-Cr led by Japan’s SBI Investments
Chennai-based supply chain startup Wiz Freight has raised INR 93.3 crore (around USD 11.2 million) as part of its ongoing Series B funding round. Led by Japan-based SBI Investments, the round also saw participation from Tiger Global, Nippon Express Fund, Axilor Ventures, Arali Ventures and Unikon Shipping Ventures.SBI Investments put in INR 33.3 crore while Tiger Global, Nippon Express Fund, and Axilor Technologies Fund invested INR 18.71 crore, INR 16.62 crore, and INR 10.42 crore respectively. Arali and Unikon participated with INR 14.32 crore cumulatively. The company will use the fresh capital for growth, expansion, and general corporate activities.Wiz Freight plans to raise USD 30 million in the Series B round in two tranches of USD 15 million each, at a valuation of USD 175 million.Founded in August 2020 by Ramkumar Govindarajan and Ramkumar Ramachandran, Wiz Freight helps exporters and importers book, as well as manage, cross-border shipments through its platform. Its offerings include cargo insurance, air freight, customs clearance, FCL and LCL shipping, trade advisory and land transport.The startup had earlier raised INR 275 crore (around USD 36.3 million) in its Series A funding round led by Tiger Global. In January 2022, it raised INR 20 crore in debt from Stride Ventures.
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