Tata Motors Acquires 27% Stake in Logistics Tech Startup ‘Freight Tiger’ for ₹150 Cr, To Invest Additional ₹100 Cr in 2 Yrs

Tata Motors and Freight Commerce Solutions Private Limited (‘Freight Tiger’) have today signed a Securities Subscription Agreement (SSA) and a Shareholders Agreement (SHA) for the acquisition of 26.79% stake in ‘Freight Tiger’ for a consideration of Rs 150 Crores.

The SSA also includes a provision enabling Tata Motors to further invest Rs 100 Crores over the next two years, at the then prevailing market value.

Founded in 2014, by Swapnil Shah, ‘Freight Tiger’ is a digital platform that provides end-to-end logistics value chain solutions for cargo movement in the country. The platform connects shippers, carriers, logistics service providers and fleet owners to a single digital marketplace, making it easy to find, book and manage freight whilst offering a variety of Software as a Service (SaaS) solutions to digitize and streamline logistics interactions such as freight tracking, assignment, carrier matching, documentation, and payment processing. The platform facilitates more than 10 million trips on annualised basis and has been successfully integrating and ironing out inefficiencies in cargo movements over the last 7 years.

Tata Motors has already introduced its connected vehicle platform ‘Fleet Edge’ for aiding fleet operations management. Tata Motors’ strategic investment in ‘Freight Tiger’ will accelerate the company’s initiatives in driving effectiveness and efficiency in the truck and freight ecosystem. Together, these innovative solutions (‘Fleet Edge’ & ‘Freight Tiger’) aspire to forge a comprehensive end-to-end digital ecosystem for the entire logistics value chain, covering both the truck and the trip ecosystem thereby bringing significant benefits to shippers, brokers and transporters who keep India moving.

The closure of transaction is subject to satisfaction of customary condition precedents.

Mr. Girish Wagh, Executive Director, Tata Motors Ltd commented, “At Tata Motors, we are committed to transforming road logistics industry with our innovative solutions and services. We believe that by playing a larger and deeper role in bringing all the stakeholders together to improve road logistics efficiency, we can create value for our core customers: the fleet owners. Hence, we are excited to announce our partnership with Freight Tiger, a pioneer in digitizing the logistics industry. Their vision is aligned with ours, as we strive to improve the efficiency and sustainability of road logistics. Together, we will create new opportunities for growth and value creation for our customers, partners and stakeholders”.

Mr. Swapnil Shah, Founder & CEO of ‘Freight Tiger’, added, “Software- led approaches are the lever to transform existing industry assets and supercharge them to work more efficiently for all stakeholders. We do this by building trust & facilitating collaboration across the logistics value chain. We are excited to have Tata motors as a strategic investor who shares our belief and vision to build a unified national platform at an unprecedented scale. With such incredible backing and expertise, the company is strategically positioned to lead India’s efforts in reducing logistics costs to under 10% of GDP from over 14%.”

Freight Tiger has built an intelligent operating system that includes a technology platform, an on ground control tower, and a digital freight network. Together, they streamline every step of the logistics process.

Spoton Logistics betting big on AI-based Video Analytics to Ensure Operational Excellence

Abhik Mitra, MD & CEO, Spoton Logistics

Spoton Logistics, India’s technology & engineering driven express logistics company, is deploying AI-based Video Analytics solutions in one of its largest hubs in a bid to revolutionize performance and operational excellence. The AI-based system adds intelligence to the CCTV camera by analyzing video feed, identifying abnormal events, and sending automated alerts in real-time.

Over the years, the installation of cameras at logistics hubs and the use of digital technology has helped Spoton Logistics collect data at every checkpoint and provide end-to-end real-time visibility to all stakeholders. This, coupled with the power of AI is now proving to be a game changer. The AI-based Video Analytics solution deployed by Spoton Logistics is at the epicenter of its technological innovation and is helping the business in ways more than one. 

Helping ensure COVID-19-related compliance, it is capable of detecting distances between individuals and alerting in case social distancing norms are not being followed. The algorithm also helps identify a person not wearing a mask where he/she should, thus helping in better implementation of the safety protocols. The use of this solution in supply chain management has helped evoke transparency throughout the process and has provided business intelligence so as to prevent Theft, Pilferage, Damage, etc, thereby minimizing the risk of disruption at any point in the supply chain. 

Commenting on the development, Abhik Mitra, MD & CEO, Spoton Logistics stated, “COVID-19 has had an indelible impact on businesses. It is, thus, of the highest priority for businesses to optimize their costs and increase efficiency. Almost two-thirds of the logistics costs are hidden, which is attributable to theft and pilferage of cargo, and holding of inventory.  AI helps address this in an effective manner by automating processes and providing real-time visibility and alerts so that corrective measures can be taken. Being a technology and engineering driven company has always helped us stay ahead of the curve. Moving ahead with the same vigor, we will continue to invest in technology and automation such as Last-Mile Delivery Management, Interactive Chatbot, and IoT."

Rajesh Kapase, IT Director, Spoton Logistics, added, “Industry experts predict that digital transformation of the logistics sector could translate into a value of $1.5 trillion for players in the logistics sector and an additional $2.4 trillion worth of societal benefits by 2025. AI is indeed a powerful tool that can potentially unravel the critical challenges and inefficiencies in the logistics space. We have dedicated our resources to invest heavily in technology and will continue to explore ways in which it can complement our teams’ efforts and further increase their productivity."

Machine Learning, Artificial Intelligence, and advanced analytics drive automation and deliver actionable insights that help Spoton Logistics make intelligent business decisions affecting the company’s bottom line. Well-equipped with new-age technologies and driven by a forward-thinking leadership team, the company is now focused on better streamlining supply chains in a customer-centric world. 

About Spoton Logistics:

Spoton Logistics is a leading multi-modal express logistics company, operating across 230+ locations covering 22,000+ pin codes to ensure timely and secure movement of goods. Spoton Logistics started its journey in 2012 when private equity firm India Equity Partners bought the domestic business from TNT India. In 2018, Spoton partnered with a consortium of investors led by Samara Capital to invest in and build out the next stage of Spoton's growth.

Backed by a motivated team of 1300+ enthusiasts, Spoton Logistics is headquartered in Bangalore. Its vast, well-established network and professional resources ensure seamless logistics for companies in an array of industries such as Hi-tech, Automotive, Engineering, Pharmaceutical, Electronics & Electricals, and Lifestyle, Retail & eCommerce. 

Serial Entrepreneur Praveen Sinha Backs Online Cargo Management Company iKargos.com

Serial Entrepreneur Praveen Sinha (Founder of Jabong, Aqua brim and many more) has invested in iKargos.com, an online cargo management company that is using technology to ease international and domestic logistics.



iKargos.com is the brainchild of seasoned professional Rekha Atri, who has a decade of experience working with companies like Deloitte, PricewaterhouseCoopers (PwC), Genpact Enterprise Risk Consulting, Cairn Energy and finally Navbharat Shipping India Ltd. where this idea came to her. "My primary motivation to move into this project was after seeing many of my friends dissatisfied with their cargo handling. Due to COVID-19, many issues came to the fore as most forwarders, customs brokers, transporters could not function at all. The need to reduce human interaction was very clear and that was my call-to-action. The pandemic has left people stressed with their jobs and health and in such a scenario, shipping service provision should be seamless and effortless. I made sure that I don't miss this opportunity when its needed the most and hence worked on both these areas during these stressful times. Thankfully, my experience had me ready for my new job!" Rekha Atri said on the development.

She also recalls two specific cases: One where the customer had to pay upto 200% duties without being aware of the cost before ordering the shipment and the other case in which, the client was not aware when the shipment had reached and that resulted in demurrage cost and late penalty charges running in lacs of rupees.

Speaking on the association, Praveen Sinha commented, "When we had started Jabong, one of the most complex and unreliable services was supply chain. Though it was a problem area it also gave us an opportunity to differentiate in that space. We were the first company to start same day delivery, open box delivery, reliable tracking using GPS on phone, try and buy etc. When Rekha shared her idea, I could easily see the spark and passion to solve these bottlenecks. Its nostalgic to see teams like these which are innovating practical solutions to major bottlenecks plaguing the supply chain."

"The decision to back the iKargos team was based on 3 parameters - Experience of the leadership team, the Sector that they were working on and the Solution they had in mind," he concluded.

iKargos.com has a detailed roadmap of upcoming features they plan to add to the product. Some of the features which are present on the platform currently are:

Certifications: Find out information about various certifications required to import/export products.

HS Codes: Search for Real shipment data like description, the value of the cargo, HS code used, certification required etc.

Catalogue Verification: Upload catalogues to check their correct HS codes and whether they can be imported or exported

Freight: Search for all-inclusive freight rates. Choose from a variety of options

Tracking: Check the exact status of your cargo

Reports: Request market reports based on actual customs and market data about various products

Chat: Customers can chat live with subject matter experts and get all their questions answered immediately.

We spoke to some industry veterans and they were welcoming of the solutions ikargos.com had to offer. They were highly impressed to learn that a woman is frontrunning the company, as the sector has very few women in leadership positions. This brings diversity to the industry and will inspire other women to join the sector in the coming days.

Logistics Startup COGOS Ramps Up its Operations in India with New Acquisition; Hires 100+ Employees

• Acquisition of Fixed Enterprise Business of a VC backed Logistics company

IAN and EV2 backed COGOS Technologies, the fastest-growing intra-city logistics player in the country is further solidifying its leadership in India. Using a very scientific enterprise acquisition methodology, the company has acquired a Division of a Peer logistic player adding instant access to Maharashtra, Gujarat, Delhi, Tamil Nadu, along with strengthening of Karnataka and Telangana. 

To make the deal successful, COGOS adapted a first of its kind scientific methodology for acquisition and mergers called Human Capital Valuation for the 160 employees of the acquired business unit. COGOS partnered with a human data science technology company Yeta Solutions to design a psychometric tool to map culture & competence. The company selected and absorbed 100+ people based on this assessment. 

Speaking on this, Prasad Sreeram, Founder & CEO, Cogos Technologies said, “Currently, there is no consolidated pan-India player for city logistics covering Tier 1, 2 and 3 and metro cities. With this acquisition, we want to bridge this gap and aim for our overarching goal of being the preferred pan India player for city logistics. This inorganic growth coupled with our unique SaaS-meets-IoT approach has led to us becoming the de-facto player for marquee customers such as Flipkart, Amazon, SuprDaily, Udaan, Grofers, Delhivery, and Bigbasket for city logistics. We are positive about this new development and have parked funds for further M&As in the future.”

Founded in 2016, COGOS is an AI-led logistics platform that claims to offer tools that solve the challenges for most intra-city supply chain businesses that are run on trucks or smaller tempos. With integrated advanced sensors, IoT technology, and third-party applications, COGOS helps truckers plan, execute and control the movement and storage of goods, with a clear view of the fleet in real-time. It has a network in 21 states and 300+ Cities with 10,000 trucks in the platform, clocking 150K trips. Some of their marquee clients include Flipkart, Coca-cola, Amazon, Mahindra logistics, Udaan, Bigbasket, ITC, Delhivery etc.

About COGOS:

COGOS’s (www.cogostech.com) AI-led Logistics platform coupled with mobile and control tower capabilities. The superior workflows are digitally transforming the $60 billion City Logistics, by bringing the capacity discovery time from weeks to minutes and reducing operating costs up to 60% for shippers. In the current gig economy where the ability to respond quickly to the market dynamics is key, COGOS is fast becoming the de-facto player for marquee customers for City Logistics, operating in 300+ cities in India and expanding rapidly. COGOS was founded in 2016 by Serial Entrepreneurs Prasad Sreeram and Dr. Rama Mohan Katta with decades of experience in Logistics, Technology, Scaling, and Global Operations.

Digital Freight Forwarder Shipwaves joins Maersk-IBM developed Blockchain-based TradeLens platform

The Mumbai-based digital freight forwarder will leverage TradeLens’ solutions to accelerate secure digitization in ocean logistics

Shipwaves, an industry-leading digital freight forwarder has joined Maersk-IBM developed TradeLends platform. The association between the front-running blockchain-powered supply chain solution provider and digital freight forwarder is aimed at accelerating the digitization of the ocean logistics space, especially in India and the Middle-East. 

Having recently allowed shipping bill of lading to be filed over a blockchain platform, India has been betting big on blockchain-enabled solutions to digitize its maritime supply chains. Along the same vein, TradeLens provides controlled, permissioned access to secure and immutable transportation documents while bringing together stakeholders such as shipping carriers, ports, customs offices, and other players in the ecosystem through its blockchain-led platform.

Through this linkage, Shipwaves will be able to provide timely end-to-end supply chain visibility, secured sharing of digital shipping documents, and data directly from partners. This will enable the forwarder to improve efficiency and decrease operational costs by a significant margin. Additionally, the smart-contract based workflows will automate and digitize multi-party interactions, which will result in improved efficiency.

According to Bimal Kanal, Head of TradeLens in South Asia, “TradeLens is an industry-wide neutral platform aiming to spur innovation in the complex logistics industry. We aim to build a digital ecosystem that will drive benefits for all on the platform. With Shipwaves collaborating with TradeLens, we have an important supply chain enabler furthering our joint desire of removing manual tasks and enabling digitized workflows in the logistics industry."

Commenting on the association, Sajid Mohammed, COO, Shipwaves, said, “Our  working with TradeLens marks a significant milestone which will enable us to digitize our customers’ operations and lead them into the blockchain era of global trade. While we were one of the early innovators in the digital freight forwarding space, the ongoing pandemic taught us that, this alone is not enough. One also needs collaboration to enhance competence and expand capabilities. Our SaaS products helped us gain deep insights into the inner universe of clients’ IT systems and how they interact with their logistics teams and stakeholders. We believe that the TradeLens platform will truly elevate our value proposition, allowing us to  interconnect with shippers, carriers & other stakeholders. The best part is that all this will be done using the innovative technology that ensures security, trust, and transparency."

Enabling freight forwarders with data direct from the source to enhance their offering to their clients is a key tenet of TradeLens. Having directly connected with over 160 entities ranging from ocean carriers, ports, shippers, inland providers, and more, the granularity of data offered includes over 120 supply chain events including transportation plans, estimated and actual events. Leveraging this in-depth data to bolster steadfast digitization, the development is set to unlock the next phase of growth in the ocean logistics ecosystem. 

About Shipwaves Online Private Limited:

Founded in 2015, Shipwaves is Asia's first Digital Freight Forwarder. It prides itself in being a logistics company fully built around the needs of shippers, and delivers solutions through technology and logistics expertise. It helps shippers around the world to plan, book, and manage their shipments by offering instant rates, quick quotes, online booking, and real-time visibility. It also offers value-added services like customs clearance, marine insurance, and advanced data analytics to lower freight costs.

Additionally, Shipwaves provides SaaS offerings to global Enterprise customers to automate their end-to-end shipping processes. It uses the latest technologies, automation tools, and predictive analytics to provide its customers with visibility and control over the entire shipment lifecycle. The intuitive platform seamlessly connects shippers, carriers, and their partners to integrate and collaborate across the entire supply chain gambit. The company has multiple offices in India and the UAE and has tie-ups with several shipping, air cargo, trucking, and Fintech companies.

About TradeLens

The TradeLens platform has been jointly developed by Maersk and IBM. TradeLens is an open and neutral industry platform underpinned by blockchain technology, supported by major players across the global shipping industry. The platform promotes the efficient, transparent, and secure exchange of information in order to foster greater collaboration and trust across the global supply chain.

About Maersk 

A.P. Moller - Maersk is an integrated container logistics company working to connect and simplify its customers' supply chains. As the global leader in shipping services, the company operates in 130 countries and employs roughly 76,000 people.

Logistics Startup Loadshare Networks Raises Rs 100 Cr in Funding led by Beenext

Logistics platform Loadshare Networks has raised Rs 100 crore in Series-B funding from investors led by Beenext, with participation from the CDC Group of Britain and existing investors like Matrix Partners India, Stellaris Venture Partners and Alteria Capital.

The startup will utilise the funds to expand its network and make a foray into new sectors like pharmaceuticals, fast-moving consumer goods (FMCG) and groceries, the company said in a statement on Monday.

"The funding will help us deepen our engagement with clients and continue building capabilities through investments in technology, attracting talent, geographical expansion and entering hyperlocal delivery and groceries, Raghu Talluri, the chief executive of Loadshare said.

Over the past two years, Bengaluru-based Loadshare has increased its regional footprint beyond the north-east, where it first started operations, to over 400 towns across 18 states now with a focus on the eastern states.

The CDC Group of Britain has co-invested in Loadshare alongside Stellaris Venture Partners, which has been an early investor in the startup launched in 2017.

Loadshare focuses on e-commerce logistics to serve small and medium-sized enterprises (SME) in non-e-commerce businesses such as regional trucking and distributor/brand to store logistics.

"Logistics is a major cost of business in India and this investment demonstrates our continued goal to support increased market access for small businesses and provide economic opportunities for low-income workers in some of the most remote regions, said Srini Nagarajan, head of CDC Group Asia.

Stellaris has been an early investor in Loadshare. Their model of building a country-wide logistics network by enrolling smaller, regional logistics service providers as franchisee partners is unique, and allows them to build a highly capital efficient, asset less logistics company, Alok Goyal, Partner, Stellaris Venture Partners said.

According to Rajinder Balaraman, a director at Matrix India, LoadShare is playing a very significant role in ensuring supply chain continuity. “With their model of working with SMEs, they provide customers flexibility and reach at lower cost. These are important differentiators especially in small towns.” PTI BEN

Logistics Tech Firm Letstrack expands its footprints to US Markets

After successfully creating its presence in the Indian market, Asia’s no. 1 IoT based vehicle tracking solutions providers, Letstrack has entered its business in the US market. With its expansion to other countries, Letstrack aims to become a global tech company. 

The company is launching in US with all its products – Letstrack Personal series, Letstrack Bike series, Letstrack Premium, Letstrack Plug and Play, Letstrack Special and few amazing new products. 

After US, Letstrack has plans to launch their operations shortly in Europe and North America as well. BeingAsia’s no. 1 GPS tracking device, they are all set to achieve another milestone. With the pilot in US, Letstrack has crossed more than 10K app registrations in the country. Over the next few months, the company is expectinghigher growth and momentum from the US market.

Currently focusing 100 K US users, Letstrack is working with some OEMs from US market to expand nationwide. As a new entrant, the GPS tracking company is trying to create a demand more than the tracking concept. With features like full car security, connectivity and entertainment package, it aims to connect to the masses to improve their journeys more than they ever expected.

With its unique and multi-dimensional user experience combined with other bundled services and products, Letstrack is one of its kinds in the GPS tracking industry. 

Speaking about the expansion, Mr. Vikram Kumar, Founder & CEO, Letstrack, stated, “All American companies want to enter China and India, but Chinese don't let them enter. And India is too difficult to understand an operate. Our main strategy was to place distribution in place and conquer the Asian Market, then move on to launch in USA with a bang. And it’s not long before we see that coming true.”

Letstrackhas alsomade initial contacts with high-level talents from some of the biggest tech companies to bring the fresh brains for its US operations. 

By 2020, Letstrack aims to be seen as an established and recognized force in the US market. Raised $1.7 million in seed funding, Letstrack is looking to raise around 8-10 Million USD in Pre-Series A round of funding. 

Asia’s largest GPS tracking company Letstrack is an app-to-app and app-to-web mobility platform. The organization is on the verge of advancement with the recent release of its intuitive app. The voice-enabled AI app is assisting car owners to improve security, decrease stress, and boost comfort while driving. The world's first voice integrated vehicle security app is available to download on both Google Play Store and Apple Store. 

FreightBro becomes 1st Indian Logistics Startup to Join Digital Hub Logistics Hamburg

FreightBro, India’s first freight forwarder facing digital platform that digitizes operations for Freight Forwarders, became the first Indian startup to join the Digital Hub Logistics Hamburg in an exclusive event titled ‘Digital Hub Logistics Hamburg Roadshow - An Indo-German Logistics Startups Connect’ Organised by FreightBro, the event focused on the importance and the success of building a digital logistics ecosystem in Germany and the potential of replicating similar ecosystem based models in India.

The event brought together the pioneers of digital transformation in German and Indian logistics sector who discussed synergies, possibilities and opportunities in the logistics and freight forwarding industry.

The first half of the event essentially focussed on logistics startups presenting their industry solutions and business models to Hamburg Invest and Digital Hub Logistics, Hamburg. The second half comprised of informative and interactive sessions of the keynote speakers with the audience comprising of a mix of startups and industry leaders. The keynote speakers were Mr Johannes Berg, Managing Director at Digital Hub Logistics, Hamburg, Ms Lee Lee Ong, Project Director, International Investments at Hamburg Invest, Mr Prasad Menon, CEO, CIBA, Mr Vikram Gupta, the Founder & Managing Partner of IvyCap Ventures and Mr Raghavendran Viswanathan, CEO & Co-founder, FreightBro.

Johannes Berg, Managing Director, Digital Hub Logistics Hamburg, was of the opinion that, “There is immense potential for partnership and expansion opportunities for Indian startups in Germany. We have collaborated with an Indian startup for the first time and introduced FreightBro to one of our hub partners, DAKOSY who are keen on working on Indo-German synergies. We eagerly look forward to further connect Indian startups to hub partners in Germany and connect German startups with the Indian market. We are grateful to FreightBro for organizing a unique event for us in India and enable us to connect with startups which has been immensely satisfying.”

Mohammed Zakkiria A, Co-Founder, FreightBro, said, “Joining hands with Digital Hub is a strategically sound decision for us and is the perfect platform for us to connect with the right partners in Germany and plan future expansion in the European market.”

Mr Prasad Menon, CEO, CIBA, emphasized the significance of incubators in the flourishing of startups in India especially from the idea validation to growth stage. Mr Vikram Gupta, an industry veteran in venture capital, business consulting, M&A and strategy mentioned how the focus for venture capitalists has seen a shift towards logistics based startups and the immense potential they hold.

The Digital Hub Logistics Hamburg is the first port of call for the digital business transformation of the logistics industry in the Hamburg metropolitan region and Germany. Some notable digital hub partners are Hamburg Port Authority, Lufthansa, DAKOSY, Volkswagen, SHELL, HHLA and City of Hamburg.

After the recently established partnership with Port of Wilhelmshaven, this collaboration with Digital Hub Logistics, Hamburg comes as a significant step ahead in strengthening FreightBro’s Indo-German ties and establishing a footprint in the European logistics hub.

Tech-Logistics Startup Blowhorn Raises Fresh Funding from Venture Catalysts, James Lee, Others

Catbus Infolabs Pvt. Ltd, the Bangalore-headquartered intra-city tech-logistics company that operates Blowhorn, today announced that it has successfully raised an undisclosed round of fresh funding.

The current round saw participation from existing investors Chiratae Ventures and Dell Foundation as well as new investors that include Venture Catalysts, James Lee Sorenson and Japanese VC firm, Dream Incubator. The funding round was led by a prominent undisclosed inves,tor.

The company provides a full-stack service offering through an asset-light model via its tech platform that connects logistics service seekers with mini-truck drivers through the website and mobile app. Blowhorn has grown its revenues over 500% since its previous Series A funding round while enhancing its industry-leading margin. The company has expanded its presence to over 30 cities and now has over 25,000 driver partners on its platform.

[caption id="attachment_135222" align="alignleft" width="400"] Mithun Srivatsa_co-founder & CEO, Blowhorn[/caption]

Mithun Srivatsa, CEO of Blowhorn, said, "We closed our fundraise to optimise speed and momentum to keep building a category-defining company. Now, with a strong core team in place, we are expanding rapidly and are seeing significant growth in our recently launched verticals. Our goal is to be active across more than 100 cities across India by 2021, and we are on track to achieving that. We are also in the final stages of executing our first international foray, and we are very excited about it. Our margin profile remains healthy and has grown 30% over the last quarter."

"We are in active conversations with several parties interested in leading a larger round that we anticipate will close within the next 6 to 9 months. We believe that we have built a solid foundation and that we are still in the 1st innings of the intra-city logistics game", adds Mithun.

Mr. Eto Munehiko, MD of Dream Incubator India, said “Blowhorn’s deep domain expertise enables it to achieve high margins while remaining capital efficient. Our investment rationale was the differentiation that Blowhorn brings to the table by providing full-stack tech solution and at-par service levels, becoming the go-to partner for both corporates and SMEs. With our expertise in both investments and strategy consulting in Asia, we will help Blowhorn as a strategic partner with geographic expansion and business planning. In India, we have made 20+ investments in the space of Health, Finance, Media & Entertainment, Mobility and more. We will continue investing in promising start-ups in the future."

Dr Apoorv Ranjan Sharma, President and co-founder, Venture Catalysts, said, “The mini-truck transportation market in India is estimated to be at a valuation of INR 30,000 to 60,000 crores annually. Additionally, the granting of industry status to the logistics sector has further enhanced the ease of accessing finance and extended other opportunities to players in the sector. Blowhorn has been doing some exceptional work in the domain, and we are certain the current round of investment will go a long way in empowering the company to expand and enrich its operations."

HDFC acted as the Financial advisor and Trilegal as the legal counsel on the transaction.

Blowhorn is India’s leading intracity logistics start-up and an innovation leader. Founded in 2014, Blowhorn operates in all major metros in India with a broad suite of services from the first mile, middle mile, and last mile while handling goods from 1g to 1T. Blowhorn is backed by marquee investors comprising Chiratae Ventures (formerly IDG), Michael and Susan Dell Foundation, Draper Associates, Unitus Seed Fund, Venture Catalysts, James Lee Sorenson and Dream Incubator.

Logistics Tech Startup Freight Tiger Raises $8 Mn from Lightspeed Venture, Dalmia Group, Others

Mumbai-headquartered Freight Tiger, a B2B logistics technology start-up, has raised $8 million in a funding round led by venture capital firm Lightspeed Venture Partners. Alsthom Industries, a Dalmia Group company, and Pawan Munjal Family Trust also participated in this round.

Mumbai-based Freight Tiger is building a real time logistics visibility and collaboration platform for the freight industry and works closely with other logistics companies and consignors.

"The fundraising and investors’ confidence strengthens our vision to build an operating system that powers the entire logistics and freight ecosystem," said Swapnil Shah, CEO and Founder, Freight Tiger.

“The past couple of years has seen rapid technology adoption by Indian Enterprises and Freight Tiger has been at the forefront of powering supply chains for some of India’s largest companies through its depth and breadth of software products. We look forward to partnering with the Freight Tiger team as they unlock new possibilities in one of the world’s largest logistics markets,” said Bejul Somaia, Managing Director, Lightspeed India.

Freight Tiger claims to be the largest logistics technology platform and network in the country with over 170 customers including some of the largest consignors/manufacturers such as Saint Gobain, JSW Steel, Apollo Tyres and leading logistics companies such as BLR Logistiks.

Freight Commerce Solutions Pvt Ltd, the parent company of Freight Tiger had earlier received seed funding from Shriram Transport Finance Corporation and Mathew Cyriac, former Co-CEO of Blackstone India.

Following this funding round, Freight Tiger plans to connect with more customers, expand its product and technology through Artificial Intelligence as well as Machine Learning and build industry specific AI extensions on the platform.

Ashok Goyal, Managing Director, BLR Logistiks said, “We have been working with the Freight Tiger team for the past several years and impressed by their customer centricity. They have been a great technology partner and a neutral platform in our goal to digitise our operations and drive transformative customer service to our customers.” BLR Logistiks is one of the premier logistics & transportation companies in the country.

Logistics Tech Firm FreightBro Launches App to Optimize Freight forwarding process

FreightBro has launched the first-ever freight forwarding application designed to optimize the freight forwarding process, save time and increase efficiency. The user-friendly app has features to discover global rates and schedules instantly, create instant quotes and monitor activity, accept bookings online, manage shipment life cycle and track cargo at a single touch of the screen.



The app delivers an unmatchable experience to customers, forwarders and can be downloaded via the App Store and Google Play.

FreightBro is a freight technology start-up aimed at revolutionizing the trillion-dollar forwarding industry through digitization of the manual processes of shipping. FreightBro aims to simplify the complexities of the logistics industry using technology to empower freight forwarders with a digital platform that can potentially increase their sales by 30% while reducing 70% of their quotation turnaround time and costs by 50%.

The company has successfully partnered with major shipping lines and logistics providers in India and China and have been growing expeditiously since inception. FreightBro enables freight forwarders to concentrate on their core competency and increase their customer base and sales as they take care of all the back end functions for them.

Founded in October 2016, FreightBro was started by Raghavendran Viswanathan (5+ years of previous work experience with Panalpina and DHL), Mohammed Zakkiria A (14+ years of experience having worked at DHL, Damco, Panalpina and Cargo Partner) and Anand V Babu (25+ years of experience working at AP Moller Maersk Group and APM Terminals). In May 2018, FreightBro raised seed round of funding from Suresh Kumar, former Global CIO of Bank of New York Mellon.

Reliance Industries to buy Majority Stake in Logistics Startup Grab

Reliance Industries (RIL) is in advanced discussions to buy a majority stake in Grab (Grab a Grub Services Pvt. Ltd) , a hyperlocal logistics startup backed by SIDBI Venture Capital, the venture capital arm of Small Industries Development Bank of India (SIDBI), reported Times of India (TOI) citing sources familiar with the development.

According to the report, the deal could close within next few weeks and also involve an investment to scale up the Mumbai-based startup.  The size of the acquisition could not be ascertained however.

The development comes after the Mukesh Ambani-led company said earlier that it plans to enter the e-commerce segment.

Also in last month, Mukesh Ambani, chairman and managing director of RIL, announced that Reliance Jio and Reliance Retail, the subsidiaries of RIL, will launch a new e-commerce platform, which will initially be rolled for Gujarat retailers and brick & mortar store owners.

Founded in 2014, by Jignesh Patel, Nishant Vora and Pratish Sanghvi,
Grab has raised over Rs 30 crore from financial investors like Oliphans Capital, SIDBI and Sixth Sense Ventures, besides strategic backers like Zomato and Dubai-based logistics company Aramex. 

Grab provides third-party, last-mile logistics services for food delivery companies, online pharmacy and grocery delivery, among others. Its logistics service is used by businesses encompassing restaurants, e-commerce companies, retailers, grocers, pharmacies, food tech platforms and banks, among others.

Grab has been talking to potential suitors for the last six-seven months and had also held talks with Paytm for an acquisition, said the TOI report.

Reliance Industries has been acquiring new-age companies since a year and the acquisition activity spikes in last six months.

In December, RIL acquired 5.56% equity stake in VAKT Holdings Limited, a London-based technology startup, for $5 million (around ₹ 35 crore). VAKT uses Blockchain technology for oil & energy trading.

A month before that, Reliance Industrial Investments and Holdings Limited (RIIHL) had picked up a controlling stake in New Emerging World of Journalism (NEWJ), a Mumbai-based digital media startup, with an initial investment of over ₹ 1 crore.

In the same month, RIHIL, a wholly-owned subsidiary of RIL, acquired 88% stake in Kanoda Energy, an Ahmedabad-based renewable energy services firm, for ₹ 75 crore (about $10.7 million), in an all-cash deal.

Last year, the company acquired music-streaming service Saavn and merged it with its JioMusic, valuing the combined unit at $1 billion. It also acquired education tech startup Embibe and committed to invest another $180 million in the company.

FourKites Secures $50 Million Series C Funding to Spur Growth of Supply Chain Visibility Network

FourKites, a Chicago based global leader in predictive supply chain visibility, today announced $50 million in new funding to fuel growth of its real-time visibility network for shippers and carriers, with Engineering Center of Excellence in Chennai. The Series C round includes follow-on financing from existing investors August Capital, Bain Capital Ventures, CEAS Investments andHyde Park Angels. The funding brings FourKites’ total capital raised to $101.5 million.

Since launching five years ago, FourKites has pioneered the industry shift to real-time visibility, enabling shippers to improve on-time delivery and optimize their supply chain based on actionable data and predictive intelligence. FourKites’ network now includes more than 200 of the world’s top shippers, including AB InBev, Conagra Brands, Kraft Heinz, Nestlé, Perdue Foods, Smithfield Foods, Unilever, Walmart Canada and many others.


Commenting on the occasion, Mr. Arun Chandrasekaran, Co-Founder and CTO, FourKites, said “We are extremely delighted with the multi-fold and meteoric growth of FourKites in its recent years. With Series C funding in place, we are looking forward to accelerating the growth of the company by further expanding our engineering talent pool. The funding is well-timed with our recent recognition from Great Place to Work, which has also helped us shift our focus to increasing the overall headcount to double in India. In addition to investing in strengthening our R&D capabilities we will continue our investment in employing and developing right talent in India.”

FourKites will use the funding to expand its supply chain platform with new applications and capabilities; grow its global network of top shippers and carriers; and extend its “zero deadhead” initiative to help shippers share unused truck capacity. FourKites currently tracks shipments in 55 countries worldwide, helping top shippers and carriers collaborate based on real-time data across North America, South America, Europe and Africa.

“We believe in a future where every supply chain is collaborative, intelligent and networked,” said Mr.Mathew Elenjickal, founder and CEO of FourKites. “Predictive intelligence helps shippers find new ways to reduce costs, improve service and drive innovation. This comes at a critical time for the industry, as it responds to changing customer expectations, government regulations and cost pressures. As we move into 2019, we’re excited to add more shippers, more carriers and more value to the FourKites network to help accelerate the industry’s transformation.”

FourKites continues its global expansion. The company now has more than 300 employees in Chicago (headquarters) and Chennai, India; with operations in Mexico, Brazil, Poland and the United Kingdom. The FourKites platform is live in eight languages, with product guides in 15 languages.

LetsTransport Raises ₹100 Cr in Series B from Bertelsmann India Investments and Others

Bengaluru-based Diptab Ventures Pvt. Ltd, which operates tech-enabled logistics marketplace for intracity deliveries LetsTransport has raised a total of INR 100 Crores (~ US $14.1 million) from Bertelsmann India Investments, Fosun International & other investors. Currently operational in 7 cities and having expertise across key industries, i.e. fast moving consumer goods (FMCG), eCommerce, retail and logistics, etc. the latest infusion of growth capital will also be used for strengthening technology, adding new industry verticals to lock in marquee clients and for scaling up the company’s operations.

Owing to the fragmented nature of the mini trucks industry in India, Intra-city logistics while on the one hand, it is twice as expensive as it is in other economies for the client, on the other hand, the truck driver community remains one of the most economically backward. This gap is attributed to inefficiencies in the existing ecosystem.

Founded in early 2015, LetsTransport is a technology-enabled managed marketplace which operates on an asset-light model wherein it partners to bring in operational efficiency for truck owners to cater to the within city logistics requirements. Its multimodal network of trucks clubbed with proprietary technology increases utilisation resulting in higher earnings for the trucks and a 30% reduction in distribution cost for the client. The platform offers one of the most reliable & elastic distribution networks that is trusted by marquee clients such as Coca-Cola, Amazon, Metro Cash & Carry, Big Bazaar etc. Letstransport has touched over 20,000 truckers by enabling higher earnings in the seven cities that it operates in—Bengaluru, Delhi, Chennai, Mumbai, Hyderabad, Pune and Vijayawada.

The company counts investors including Rebright Partners, NB Ventures, GMO Venture Partners and Mitsui Sumitomo Insurance Venture Capital amongst others.

Pushkar Singh, CEO & Co-Founder, LetsTransport commented, “We share the same conviction as our investors to establish the largest network of intracity logistics network in a country with high urbanization rate along with a purpose to become the one-stop solution to one of the most oppressed communities – The truck drivers”. He also added, “We envision to create significant value for our clients and drivers, & are aware that the trust placed by them in us is not an entitlement, but something we need to earn, every day. With this infusion we now see ourselves penetrating the market with fantastic products and great solutions, with delighted customers backing up their journey with us. We see ourselves expanding to over 20 cities by the end of the year and our new products will help us in disrupting the industry."

Announcing the investment, Pankaj Makkar, Managing Director at Bertelsmann India Investments said, “Pushkar and his team bring in a rare combination of deep sector expertise, great industry solutions and high entrepreneurial energy. By leveraging technology to solve for fragmentation on the supply-side coupled with strong unit economics, we believe that the Company is strategically placed to capture the pole position in the market. We are excited to partner the Company’s next phase of growth."

LetsTransport, a techno-logistics solution provider precisely working on Intra City last mine logistics, Started back in early 2015 by Pushkar Singh, Sudarshan Ravi & Ankit Parasher, the company is based out of Bengaluru, and the network of the trucks is available in over seven cities and rapidly expanding to others. LetsTransport provides both on-demand and customised attachment solutions for its clients along with value-added services. LetsTransport’s services include screened drivers, audited vehicles, transparent pricing and point-to-point billing. They are working toward turning the logistic sector into a global phenomenon by making this sector smother, tech-enabled, cost-effective and unique

US-based Ebix Acquires IIM Alumnus Founded B2B Logistics Tech Startup Routier

US-based software firm, Ebix, Inc., an international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries, today announced that one of its India-based EbixCash subsidiaries has acquired a 67% stake in Routier, a Delhi-based B2B Marketplace for Trucking Logistics. Routier is a cloud-based, data driven and tech-enabled logistic solutions provider to change the way people move and receive inland goods in India.

Founded by first generation entrepreneurs and operating team senior Executives Ankur Dahiya and Adwait Vikram Singh from the Indian Institute of Management (IIM) and Harvard Law School, respectively, Routier seeks to revolutionize trucking logistics in the same way taxi logistics have been transformed by Uber, Ola and others. Routier aims to drive efficiency for all marketplace stakeholders, using an innovative blend of data analytics, artificial intelligence and end-to-end streamlined functionality available over the cloud.

With clients like Coca Cola, Asian Paints, and Samsung. Routier’s marketplace is already proving its ability to add efficiency to freight movement. The EbixCash investment was driven by Routier’s desire for a strategic investor who could provide added technology expertise, financial strength and brand recognition to accelerate its penetration of major trucking logistics. Routier is the first start-up where Ebix has made a strategic investment.

With a market opportunity expected to reach $300 billion by 2020, Routier looks to drive productivity and transparency through a transportation sector long considered one of the most inefficient. Routier’s online cloud based logistics marketplace connects companies that require their goods to be delivered (Shippers), typically with small trucking companies who account for 75% of the freight transportation business (Carriers); allowing the Carriers the ability to win a Shipper’s business by bidding from any smartphone, hand-held device or computer. From bidding through final delivery, the Routier platform delivers a seamless efficient, end-to-end online B2B logistics marketplace, that:

• 
  
  
  
  • Connects Shippers and Carriers across the nation on a single platform.
  
  
  • Empowers even a single truck owner to work with India’s largest shippers
  
  
  • Assures Carriers of a continued supply of business through Routier’s contracts with large Shippers seeking delivery of goods across the country from each of their factories every day.
  
  
  • Assures Shippers of Carrier background checks, insurance, GPS tracking and real-time reporting from pickup through delivery
  
  
  
  

All stakeholders win when a supply chain is efficient, so Routier Marketplace is built from the ground up to help Shippers reduce costs, save time, and make informed decisions that increase profitability. At the same time, Carriers benefit from instantaneous nationwide access to recurring business through a blend of technology, transparency, ease of use and other features that directly benefit their bottom line.

Ebix Chairman, President and CEO Robin Raina said “Exchanges and marketplaces are meant to provide a network effect that drives efficiency for all concerned and are best targeted at industries that are highly inefficient and lack technology savvy. India’s trucking industry is a perfect example of such an opportunity to deliver tremendous value and efficiency, and thus we are quite excited to be partnering with Routier in its mission to redefine the trucking logistics industry.

Robin added, “Routier recently secured multi-million dollar commitments from a few large multinational corporations, and thus needed the backing of Ebix in terms of technology expertise, manpower and working capital to implement and scale these and other opportunities. We are excited to invest in this pioneering effort at an opportune time, and look forward to building what could be a large marketplace for the trucking industry."

Routier Founder Ankur Dahiya said, 'Technology can serve as key disruptive force in the logistics sector. Routier aims to use Data Science as a key enabler to organize the fragmented market. By match-making supply and demand, even if we can use 30% of unutilized capacity, we can cause a major positive impact in the Industry in terms of productivity and profitability both.

Routier Co-Founder Adwait Vikram Singh said, “Routier has the potential to rationalize the Logistics sector not only in India but also for the global markets. Currently, Routier operates only in inland logistics but eventually aims to become a key player in streamlining cross border freight movement on a single enterprise marketplace platform. Routier has the vision to become an End-to-End supply chain network, that can handle freight movement to last mile delivery, for transportation across country borders.'

Danish Shipping Firm Maersk Launches India Accelerator to Support Startups in Supply Chain

World's largest container shipping company based out of Denmark, Maersk, has announced the launch of 'OceanPro', a tech accelerator programme in Bengaluru to support Indian startups in supply chain solutions space by offering them to partner with Maersk to bring innovative technology solutions to ease global supply chain for customers.

The India-focused OceanPro is an intensive 120-day accelerator programme offering startups the opportunity to partner with Maersk to bring innovative technology solutions to ease the global supply chain for customers, a release said.

OceanPro by Maersk focuses on innovations that will benefit the transport and logistics sector like Blockchain, Internet of Things, Advance Text Analytics (machine learning/Artificial Intelligence), AR/VR including Advanced Learning, Image Analytics, and Fintech.

The company said it has already identified 7 external startups and one internal startup to collaborate with to develop solutions for customer engagement and operations management. These startups include - Unido Labs, La Vela Pictures, Zasti, Inatrix, MintM, LinkedDots, KrypC and Dhruv.

OceanPro by Maersk is a program where start-ups can showcase their products and capabilities and receive support from the market leader in transport and logistics.

Benefits of the start-ups who will join the OceanPro by Maersk include:

• Leverage on Maersk’s mentors, connect with customers, and co-develop solutions using Maersk’s data



• Start-ups will have an opportunity to pitch to Maersk, and other potential investors after the program. Maersk may provide funding during the program.



• Co-location space in Maersk’s Digital Center in Bangalore, India for 12 – 16 weeks

See More at - https://www.f6s.com/maerskoceanpro/apply

The OceanPro team in Bangalore will also focus on building partnerships with other accelerators, universities, venture capital partners and the broader startup ecosystem.

Maersk has also collaborated with the Indian Institute of Science (IISc) in Bangalore, sponsoring two fellows for Masters in Technology with the vision to promote research and exchange of ideas in developing industry leading digital solutions.

“We recognize the immense potential of India’s technology and digital talent and are looking to capitalize on these capabilities to help the logistics industry worldwide, to reinvent itself,” said Søren Skou, CEO, A.P. Moller - Maersk, during his visit to Maersk’s Global Service Centers in Bangalore this week.

“With Maersk leading the technological transformation of the shipping and logistics Industry which has traditionally been driven by manual processes, OceanPro is yet another effort by us to promote the creation of innovative solutions that meet evolving business needs,” Skou added.

Source - Business Standard, Projects Today, Marinelink

Gurgaon-based Logistics Tech Firm GoBolt Raises ₹40 Cr from Aavishkaar

Gurgaon-based GoBOLT, a tech-logistics company operating in line haul & short haul trucking, has secured funding of ₹40 crore from Aavishkaar Bharat Fund of Impact investing-focused venture management firm, Aavishkaar-Intellecap Group, reported BusinessLine.

GoBOLT will use the freshly raised capital for adding trucks owned by small driver-owners as well as in expanding its trucking operations to the East and North-East, apart from consolidating its presence in the West, North and South. The startup will also use funds to increase its corporate team size by 2.5 times and increase the drivers on its rolls by three times over the next two years.

Founded in 2015, by Naitik Baghla, Parag Aggarwal and Sumit Sharma, GoBOLT provides smart logistics solutions to companies by harnessing data analytics and IoT. Its logistics platform provides scalable processes and digitization including e-marketplace, SaaS-based Fleet Management System and Integrated multi channel customer interaction, among others.

The startup last raised an undisclosed amount in debt funding from BlackSoil, in November last year. Prior to which, it has raised about $850,000 in Pre-Series A round of funding led by startup incubator MCube8, a division of financial advisory firm MCube Capital.

“We have a corporate team of about 40, and over 50 drivers on our rolls. Over the next two years, we aim to have a corporate team of 100, and three times the number of drivers,” Sumit Sharma told BusinessLine. “We are targeting very small vendors now, and get smaller truck owners and/or drivers, as they are the ones who are at the helm of affairs on the roads," he addeed.

GoBOLT counts Amazon, Flipkart and Ecom Express as its customers and has exclusive rights for running trucks on several routes of Ecom Express and some for Flipkart.

The firm already counts as its customers and has exclusive rights for running trucks on several routes of Ecom Express and some for Flipkart.

Mumbai-based investment firm, Aavishkaar-Intellecap, which is focussed on Asia and Africa, manages assets of over $650 million, according to the company’s website. Last November, in its first close of Bharat fund, Aavishkaar-Intellecap Group raised $25 Million from Triodos Investment Management and Shell Foundation.

In 2015, Delhi-based Connect India, an e-commerce logistics firm, has raised Rs 32 crore from Aavishkaar Venture Management Services.

Founded in 2001, by Vineet Rai, Aavishkaar Venture Capital provides private equity and microfinance solutions for early stage startups.

Gurgaon-based Logistics Tech Firm GoBolt Raises ₹40 Cr from Aavishkaar

Gurgaon-based GoBOLT, a tech-logistics company operating in line haul & short haul trucking, has secured funding of ₹40 crore from Aavishkaar Bharat Fund of Impact investing-focused venture management firm, Aavishkaar-Intellecap Group, reported BusinessLine.

GoBOLT will use the freshly raised capital for adding trucks owned by small driver-owners as well as in expanding its trucking operations to the East and North-East, apart from consolidating its presence in the West, North and South. The startup will also use funds to increase its corporate team size by 2.5 times and increase the drivers on its rolls by three times over the next two years.

Founded in 2015, by Naitik Baghla, Parag Aggarwal and Sumit Sharma, GoBOLT provides smart logistics solutions to companies by harnessing data analytics and IoT. Its logistics platform provides scalable processes and digitization including e-marketplace, SaaS-based Fleet Management System and Integrated multi channel customer interaction, among others.

The startup last raised an undisclosed amount in debt funding from BlackSoil, in November last year. Prior to which, it has raised about $850,000 in Pre-Series A round of funding led by startup incubator MCube8, a division of financial advisory firm MCube Capital.

“We have a corporate team of about 40, and over 50 drivers on our rolls. Over the next two years, we aim to have a corporate team of 100, and three times the number of drivers,” Sumit Sharma told BusinessLine. “We are targeting very small vendors now, and get smaller truck owners and/or drivers, as they are the ones who are at the helm of affairs on the roads," he addeed.

GoBOLT counts Amazon, Flipkart and Ecom Express as its customers and has exclusive rights for running trucks on several routes of Ecom Express and some for Flipkart.

The firm already counts as its customers and has exclusive rights for running trucks on several routes of Ecom Express and some for Flipkart.

Mumbai-based investment firm, Aavishkaar-Intellecap, which is focussed on Asia and Africa, manages assets of over $650 million, according to the company’s website. Last November, in its first close of Bharat fund, Aavishkaar-Intellecap Group raised $25 Million from Triodos Investment Management and Shell Foundation.

In 2015, Delhi-based Connect India, an e-commerce logistics firm, has raised Rs 32 crore from Aavishkaar Venture Management Services.

Founded in 2001, by Vineet Rai, Aavishkaar Venture Capital provides private equity and microfinance solutions for early stage startups.

Prime Venture to Increase its Funding Portfolio in Logistics, SaaS-based Startups

Seed-stage focussed venture capital firm, Prime Venture Partners, which recently close its third fund at $60 million in March this year, is planning to increase its focus on start-ups working in the logistics and SaaS (software as a service) segment, beside it usually invest in.

Launched in 2011 by serial entrepreneurs Amit Somani, Bala Parthasarathy, Sanjay Swamy and Shripati Acharya, Prime Venture, which was earlier known as AngelPrime, is known for investing in edtech, fintech and healthcare-based startups targeting global markets. In its total portfolio of 20 startups, Prime Venture has 9 fintech startups it has invested in that shows that the firm has been bullish on financial technology and now it want to focus on Logistics and SaaS-based startups which are based out of India but targeting overseas markets.

Sanjay Swamy, co-founder and managing partner at Prime Venture Partners, said in a statement, "Our theme is usually if the sector is getting digitised and whether the firm has a compelling use case. In this regard, besides financial services, you will see a lot from us in the health care, logistics and education spaces."

"We are quite bullish on startups in the SaaS segment, which are based out of India and are selling overseas. Probably, we will do some deals in this segment next year," he said.

Synup, a provider of SaaS-based solutions that enables local businesses to manage their online presence, counts Prime Venture as its major investor. Last September, Synup raised $6 million in a financing round led by Vertex Ventures, in which Prime Venture also participated being an existing investor.

Swamy however also confirms that the firm would continue to invest in fintech space as well.

Last week, Prime Ventures participated in $3 Mn funding round of Bangalore-based Quizizz, which is an e-learning app. Prior to this -- in May this year -- it led $4.2 Mn funding of Bangalore-based mfine, an app-based on-demand healthcare service provider.

Notably, Prime Venture was also an investor in ZipDial — a mobile marketing firm — which was acquired by Twitter in 2015.

In January this year, Prime Venture Partners also participated in Bengaluru-based fintech startup NiYO Solutions raised $13.2 million in its Series A funding.

Via - Business Standard

Prime Venture to Increase its Funding Portfolio in Logistics, SaaS-based Startups

Seed-stage focussed venture capital firm, Prime Venture Partners, which recently close its third fund at $60 million in March this year, is planning to increase its focus on start-ups working in the logistics and SaaS (software as a service) segment, beside it usually invest in.

Launched in 2011 by serial entrepreneurs Amit Somani, Bala Parthasarathy, Sanjay Swamy and Shripati Acharya, Prime Venture, which was earlier known as AngelPrime, is known for investing in edtech, fintech and healthcare-based startups targeting global markets. In its total portfolio of 20 startups, Prime Venture has 9 fintech startups it has invested in that shows that the firm has been bullish on financial technology and now it want to focus on Logistics and SaaS-based startups which are based out of India but targeting overseas markets.

Sanjay Swamy, co-founder and managing partner at Prime Venture Partners, said in a statement, "Our theme is usually if the sector is getting digitised and whether the firm has a compelling use case. In this regard, besides financial services, you will see a lot from us in the health care, logistics and education spaces."

"We are quite bullish on startups in the SaaS segment, which are based out of India and are selling overseas. Probably, we will do some deals in this segment next year," he said.

Synup, a provider of SaaS-based solutions that enables local businesses to manage their online presence, counts Prime Venture as its major investor. Last September, Synup raised $6 million in a financing round led by Vertex Ventures, in which Prime Venture also participated being an existing investor.

Swamy however also confirms that the firm would continue to invest in fintech space as well.

Last week, Prime Ventures participated in $3 Mn funding round of Bangalore-based Quizizz, which is an e-learning app. Prior to this -- in May this year -- it led $4.2 Mn funding of Bangalore-based mfine, an app-based on-demand healthcare service provider.

Notably, Prime Venture was also an investor in ZipDial — a mobile marketing firm — which was acquired by Twitter in 2015.

In January this year, Prime Venture Partners also participated in Bengaluru-based fintech startup NiYO Solutions raised $13.2 million in its Series A funding.

Via - Business Standard