Hyderabad-based FreightBazaar, which that connects Truck suppliers with Truck users online, has raised undisclosed amount in Pre-Series A round of financing led by Omphalos Ventures India along with participation of ah! Ventures, reported BWDisrupt.
FreightBazaar platform addresses the challenges of unorganized and unreliable long-haul transportation by instituting a set of technology based processes, transparent communication, and automation along with rigorous operational procedures that enable companies to continuously monitor KPIs and improve performance.
Founded in 2013 by Bhaven Shah and Ganesh Rewanwar, FreightBazaar has a unique cloud based integrated B2B freight collaboration platform that improves reliability and efficiency of freight transportation. In October, the company had completed its GPS integration which can work with any third-party GPS and launched a cashless payments card as well.
As a proven Freight Transportation Platform enables shippers and truck suppliers to manage the end-to-end transportation process including truck sourcing, freight rates negotiations, delivery tracking, payment and documentation. FreightBazaar has received validation from key customers and eco-system partners including India’s top 3PL, manufacturing and supply chain companies. Companies of various sizes are using the platform to move freight of various kinds such as food, cement, chemical products, automotive components, electronics, tyres and telecom components. The platform also has a proprietary advanced Freight Intelligence analytics framework to provide various real-time decision-making and historical insights for continuous improvement of company’s transport operations.
Ganesh Rewanwar, Co-founder & CEO, FreightBazaar, said: “For the past few years, we have been working tirelessly to bring much needed structure, technology, efficiency and reliability into the way long-haul transportation has been managed in India. The funding will enable us to scale up our operations, convert strong demand pipeline and expand our presence in key cities & build more automation”.
Besides reducing the total cost of ownership for shippers, FreightBazaar has developed a set of tools and value-added services for supplier partners and drivers, as they are key stakeholders in the eco-system.
Mr Sagar R, Partner – Omphalos Ventures India LLP, stated “FreightBazaar has a unique integrated offering in the growing logistics space and has a strong team of seasoned professionals, giving them the ability to scale while keeping the business sustainable. We at Omphalos believe that FreightBazaar will redefine the boundaries of logistics business in India.”
Giving an investor’s perspective, Abhijeet Kumar, Co-Founder of ah! Ventures, said, “Indian transport market is expected to grow worth $300 billion by 2020, which in itself makes the sector a lucrative one to invest in. In addition to that, given the background of the founders and their in depth understanding of the business, this enterprise has from the very beginning started off on the best foot possible. Transport business in India, as is in any part of the world, closely related to the country’s infrastructure and the social & financial condition of the people working in this sector and only a team with understanding of this fact can successfully drive a business in this sector, to the top. We at ah! Ventures see that spark in Frieghtbazaar’s team and we are sure to see them being game changers in this industry.”
Speaking about recent fundings in logistics tech startup in the country, recently Chennai-based logistics tech startup FreightBro has raised an undisclosed amount in a seed round from Suresh Kumar, former global CIO of Bank of New York Mellon.
Last month, Bengaluru-based Mojro raised $650K in a funding round led by 1Crowd and its investor community followed by $2 million funding of Chennai-based Pando, in a seed funding round led by Nexus Venture Partners.