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Logistics tech startup Oxyzen Express raises $3-M from TNIFMC, others

Times of India  

Chennai-based logistics tech startup Oxyzen Express has raised USD 3 million (around INR 25 crore) in seed funding led by Tamil Nadu Emerging Sector Seed Fund (a SEBI-registered AIF managed by Tamil Nadu Infrastructure Fund Management Corporation) and SNAM Group of Companies (a manufacturer of alloys and abrasives) with participation from angel investors. Co-founded by a team of eight industry executives led by Bala Aghoramurthy, Raghuraman R and Patramb Choudhary in early 2022, the firm scaled to nearly USD 6 million in revenue for the financial year 2022-23. Its proprietary tech stack, called OWENS, aims at disrupting the partial truck load/express logistics industry by ensuring competitive transit times between source and destination locations.