Freight Tiger, a business-to-business (B2B) logistics-technology platform, has raised $8 million (Rs 55.2 crore at the current exchange rate) in a fresh round of funding led by existing investor Lightspeed Venture Partners.
Dalmia Group’s cement grinding unit Alsthom Industries and Pawan Munjal Family Trust also participated in the round, Freight Tiger said in a statement.
TechCircle had reported in May that Alsthom had joined Freight Tiger’s investor pool in a round that valued the five-year-old startup at $19 million.
Mumbai-based Freight Tiger said that it will utilise the fresh capital to build industry-specific artificial intelligence-based extensions on its platform.
Operated by Freight Commerce Solutions Pvt. Ltd, the platform offers an app for truck owners, brokers and logistics companies. It helps connect multiple players in the supply chain and offers assistance with managing and analysing logistics operations. It works with more than 170 customers including manufacturers such as Saint Gobain, JSW Steel and Apollo Tyres.
“The current fundraising round and investors’ confidence strengthens our vision to build an operating system that powers the entire logistics and freight ecosystem,” said Freight Tiger chief executive officer Swapnil Shah.
An alumnus of Harvard Business School, Shah had founded the company in 2014.
Freight Tiger had received an investment of around Rs 24 crore from Shriram Transport Finance and Lightspeed two years ago.
Recent deals in the logistics-tech segment
TechCircle was the first to report that supply chain and logistics solutions provider LEAP India had raised Rs 100 crore ($14.7 million) from private equity firm TVS Capital.
In May, fleet management and vehicle tracking company LocoNav secured Rs 28 crore ($4 million) from existing investor Sequoia Capital.
Earlier that month, logistics management company Locus had raised $22 million (Rs 183 crore) in a round led by Tiger Global and Falcon Edge.