Bengaluru-based logistics startup Loadshare Networks Pvt. Ltd has raised an undisclosed sum from a group of angel investors in a fresh funding round, a person familiar with the development told TechCircle.
Dilipkumar Khandelwal, MD, SAP Labs India; Vinod Kumar Dasari, former managing director and chief executive officer, Ashok Leyland and two senior executives from consulting firm McKinsey participated in the round. Survam Partners, the family office of Suman Kant Munjal; Exponentially I Mobility and Shri Investments also put in money.
The company is in the early stages of discussions to raise a larger Series B round, the aforementioned person said.
Loadshare had last raised an undisclosed sum in a Series A round led by Bengaluru based venture capital firm Stellaris Venture Partners and existing investor Matrix Partners.
Loadshare was founded in 2017 by Raghuram Talluri, Tanmoy Karmakar and Rakib Ahmed. An IIT and IIM alumnus, Talluri had previously served as vice president of customer experience at Flipkart-owned fashion portal Myntra. In his earlier stints, he worked with consulting firms McKinsey & Co and Accenture. Co-founders Karmakar, an engineer with expertise in logistics technology solutions, and Ahmed, an economics graduate, previously founded Lunate Technologies, a startup that offers hardware for last-mile solutions to the logistics industry. Pramod Nair joined the team as co-founder and CTO in late 2017. Nair co-founded Martmobi, a mobile commerce startup that helped vendors build mobile apps and websites. MartMobi was acquired by Snapdeal in 2015. Subsequently, he worked with Snapdeal and Freecharge before joining Loadshare. Tanmoy Karmakar has moved on from the startup.
The company offers an array of technology-based solutions for small and medium enterprises (SME) in the logistics space including a technology platform, operations know-how, access to customers (e-commerce and other distribution networks) besides providing guidance on business development and branding.
Loadshare also offers other services, ranging from first-mile, line-haul and last-mile deliveries to modular logistics software solutions. The startup claims to serve more than 3,500 pin codes across the country and plans to add more.
The company raised an undisclosed sum in its first round of institutional funding from Matrix Partners in May 2017.
Recent deals in the logistics-tech segment
Freight Tiger, a business-to-business (B2B) logistics-technology platform, 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 this week.
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.