CHENNAI: Chennai-based supply chain startup Wiz Freight has raised Series B funding of Rs 125 crore led by Japan-based SBI Investment, Tiger Global, Nippon Express Holdings, Axilor Technologies Fund and others.
Founded in January 2020 in Chennai by serial entrepreneurs Ramkumar Govindarajan and Ramkumar Ramachandran, the company focuses on managing cross-border shipments on its tech platform similar to that of e-commerce. Wiz currently has a presence in five countries and plans to expand into five more - Saudi Arabia, Vietnam, China, Malaysia, and parts of Europe.
IT has also acquired the India leg of M+R Spedag Logistics and ATZ Shipping and is looking to expand in the logistics and warehousing space via small and medium acquisitions.
The company is valued at Rs 1400 crore, a 50 per cent jump in the valuation from its last round, it said in a release. In March 2022, it raised Series A funding of Rs INR 275 crores in a mix of equity and debt led by Tiger Global with participation from Axilor Ventures, Foundamental, Arali Ventures, Alteria Capital and Stride Ventures. It has also closed a USD 3.5 million seed in 2021.
Ramkumar Ramachandran, Co-founder of the startup said, WIZ is set to double its workforce at the Tech and R&D Center in Chennai, which has 200 employees at present. It acts as a central control centre for tracking shipments. The company said it has an artificial intelligence-based platform for capacity discovery, dynamic pricing, optimizing routing and tracking etc.
It has signed a memorandum of understanding (MoU) with the Tamil Nadu government for an investment of Rs 300 crores over the next five years.