Private Equity

VC Fund Investments

Logistics focused SaaS platform Freightify raises $12-M led by Sequoia

Press Release  

Chennai-based B2B SaaS platform Freightify has raised USD 12 million in a Series A round of funding led by Sequoia Capital India with participation from TMV and Alteria Capital. Existing investors Nordic Eye Venture Capital and Motion Ventures also participated in the funding round which was a mix of equity and debt. Freightify helps power digital transformation of Freight forwarders through its suite of proprietary products The company will use the funds to strengthen product offerings and add new functionalities, expand presence globally, build channel partnerships, strengthen marketing and increase brand awareness. The firm will also hire across geographies, especially in Chennai. Freightify's SaaS platform allows freight forwarders to procure, manage and quote freight prices (including all possible ancillary charges) in less than 2 minutes. The platform allows any forwarder to create a digital storefront to serve their customers better. In addition to this, it includes track and trace solutions that help freight forwarders in getting live locations of vessels and automated milestones within seconds. Over 200 freight forwarding companies providing global logistics services (across 45 countries) use Freightify to digitize their business. These customers have reported reducing processing time by more than 70% and substantial cost savings in doing business. Some customers deploy a Freightify white-label platform and have reported an increase in win ratio by more than 20% and a very noticeable increase in retained business. This success has seen revenues at Freightify triple in the last year as they have attracted large numbers of the top 100 freight forwarders around the world. Freightify was founded in 2016 (then known as FreightBro) by Raghavendran Viswanathan who earlier worked with companies like DHL and Panalpina. It initially started as a marketplace for freight forwarders to conveniently search, book and track freight. This experience in automating sea freight paved the way for a SaaS pivot. Freightify had previously (in June 2021) raised USD 2.5 million.

From the Venture Intelligence Private Company Financials Database: For FY22, Freightify/FreightBro had reported an Operational Income of INR 28.42 Cr and a Net Loss of INR 16.62 Cr. (Subscribers to the database can login to view the detailed financials.)