Mumbai-based online freight logistics startup Cogoport has raised about Rs. 40 crore in Series A funding round from private equity investor Accel Partners, reported Times of India. Although, the startup has not disclosed the amount however according to different media outlets the amount is close to ₹40-₹50 crore.
The fund raised will enable Cogoport to invest in developing new products and fuel business growth by expanding globally and increase its footprint in domestic market.
Founded in May 2016 by Anurag Dabral, Harsh Kumar, Kunal Rathod and Shekhar Purnendu, Cogoport is an online logistics marketplace that aggregates ocean and airline freight carriers for exporters and importers. Cogoport is building an international logistics data driven market place for its customers to manage end to end freight logistics. A web-based and app-based solutions to provide instant freight rates, book and track a shipment and ultimately pay with convenience.
Earlier in June 2017, Cogoport had reportedly raised angel funding of $950,000 from a high-net-worth individual based in Singapore.
“Over the last year, we have been able to validate our firm belief that technology can transform the erstwhile frameworks of freight industry which are opaque by design and inefficiency in the system,” Cogoport founder and CEO Purnendu Shekhar said.
“We are going live across India by the end of this month” added Purnendu Shekhar.
Accel’s Shekhar Kirani said: “The timing is right for disruptors in global logistics and freight category, as the market is massive and growing.”
According to industry sources, the global logistics market is currently estimated to be around $3.5 trillion. India spends around 14.4 percent of its GDP on logistics and transportation compared to less than 8 percent by the other developing countries. India’s freight transport market is expected to grow at a CAGR of 13.35 percent by 2020. Cogoport has clocked an annual run rate of $10 million so far, with ocean freight accounting for 95% of it.
Speaking about Accel, the firm has invested in companies like BookMyShow, Flipkart, Housing-PropTiger, Myntra, Ola, Swiggy and UrbanClap. MJH SBT
Startup Fundings in Logistics Space
Just yesterday, Chennai-based Pando, a startup which digitizes logistics operations for Fortune 500 companies, global blue-chips and logistics companies, has raised $2 million in a seed funding round led by Nexus Venture Partners. Prior to this, Bengaluru-based Mojro, an another logistics startup, had raised $650K in a funding round led by 1Crowd and its investor community.
In this same month, Bengaluru-based Mojro, a smart urban logistics platform, had raised $650K funding led by 1Crowd and its investor community.
Last September, Ecom Express, a leading end-to-end e-commerce logistics solutions provider, had raised Rs 192 crore from existing investor Warburg Pincus. Earlier in 2015, Warburg Pincus has invested Rs 850 crore in Ecom Express.
[Top Image – entrackr.com]