eCommerce Logistics Startup Wow Express, has raised Rs. 15 crore in a pre-series ‘A’ round of funding led by US based investors. Existing investor Tamarind Family Private Trust, the family office of the Mansukhanis (Promoters of Onida) also participated in this round. WOW Express is a leading first mile, last mile and dedicated logistics service provider in the eCommerce space.
Co-founded by logistics industry veterans Jayesh Kamat, Mazhar Faruqi and Sandeep Padoshi, Wow Express started operations in Jan 2015 and is currently present in 20 cities and operates 30 branches with more than 500 Service Marshals providing best in class first mile, last mile and dedicated logistics solutions to marquee e-commerce clients. The startup currently process in excess of 350,000 (3.5 lakh) shipments every month and the company has been witnessing a quarter-on-quarter growth of over 100%.
“We target to be in 50 cities with 100 branches and processing in excess of a Million shipments (10 Lakh) by the end of this year. This round will help us achieve geographical expansion and enhance our technology. We aim to be the most valued technology enabled logistics company and create millions of wow experiences in the process. We have a young team which is extremely motivated and have high retention rates. We have our seven commandments which act as our guiding principles. Our ultimate aim is to build a company with a ‘SOUL’ ”. says Sandeep Padoshi, an IIMA alumnus who is the co-founder and director of WOW Express.
Being the pioneers in sports bicycle based deliveries, the company intends to expand their “Wow Rush” service also across the country. “Sports bicycle based delivery is gaining momentum and we believe that there is a need for a sustainable means of delivery, especially for the small parcel deliveries. WOW Rush is the perfect solution to this “says Sandeep.
"I am excited about how capital light the existing business model is. And in order to continue our preferred logistic vendor status, we must constantly innovate our product offerings." - says Ayesha Mansukhani who is on the board of WOW Express.
As per a report by Assocham, Indian logistics market will be a $307 billion market by 2020. Other players in this space that have raised funding includes Delhi-based logistics solutions provider Ecom Express received $133 million, Mumbai-based logistics analytics startup, LogiNext Solutions raised $500k from Indian Angel Network (IAN), and Delhivery, eCommerce fulfilment company, received $85 million led by Tiger Global Management and few existing investors.
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