Bengaluru-based logistics startup Loadshare Networks has raised Rs 100 crore (about $13.2 million at current exchange rates) from Singapore-based venture capital firm Beenext in a Series B funding round.
Impact investor CDC Group has come on board as a new investor participating in the round, the company said in a statement.
Returning investors, including venture capital firms Matrix Partners India and Stellaris Venture Partners, and venture debt provider Alteria Capital, also participated in the round, it said.
The startup will use the fresh capital to expand its network and foray into sectors such as pharmaceuticals, fast-moving consumer goods (FMCG) and grocery delivery, it said.
“It (the investment) is timely as it helps us deepen our engagement with clients and continue building capabilities through investments in technology, attracting the best talent, geographic expansion and undertaking new initiatives, especially, hyperlocal delivery and movement of essentials,” Raghu Talluri, CEO, LoadShare, said.
In its last funding round, the startup raised an undisclosed sum from a group of angel investors in July. Dilipkumar Khandelwal, managing director of SAP Labs India; Vinod Kumar Dasari, former managing director and CEO of 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 had also put in money.
In 2018, it raised an undisclosed amount in a Series A round led by Bengaluru-based venture capital firm Stellaris Venture Partners and returning investor Matrix Partners.
Talluri founded Loadshare in 2017 with Pramod Nair, Rakib Ahmed and Tanmoy Karmakar.
An IIT and IIM alumnus, Talluri was the vice president of customer experience at Flipkart-owned fashion portal Myntra. In his earlier stints, he worked with consulting firms McKinsey and Accenture.
Nair joined the team as co-founder and CTO in 2017. He had earlier 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.
Ahmed, an economics graduate, and Karmakar, an engineer with expertise in logistics technology solutions, previously founded Lunate Technologies, a startup that offers hardware for last-mile solutions to the logistics industry. Karmakar has moved on from Loadshare.
Loadshare provides technology-based solutions for small and medium enterprises (SMEs) in the logistics space, including a technology platform, operations know-how, access to customers (ecommerce and other distribution networks), as well as guidance on business development and branding. Its services include hyperlocal and intracity business-to-consumer (B2C) deliveries, regional intercity and intracity partial truckload and full truckload solutions, as well as intracity business-to-business (B2B) distribution logistics.
Currently, LoadShare operates in 18 states and over 400 towns, with a focus on the eastern states. Its client base includes companies operating in the ecommerce and non-ecommerce businesses such as consumer packaged goods (CPG) and industrials.
“Loadshare is operating in a deep $20 billion+ addressable market, which is undergoing a fundamental change. Loadshare’s execution across different logistics segments, enabled by their tech enabled marketplace model working with SMEs makes it exciting for us to partner with them,” Teruhide Sato, founder and managing partner of lead investor Beenext, said.
Beenext invests in early-stage technology startups across the globe, primarily in India, Southeast Asia and Japan. Since its establishment in 2015, the firm has invested in over 180 companies globally, including 71 in India. Its India portfolio includes firms such as NoBroker, BharatPe, Droom, Cropin, Mobile Premier League and Healthians.
The CDC Group is the development finance institution of the UK government, and supports sustainable, long-term growth of businesses in South Asia and Africa. It has investments in over 1,200 businesses in emerging economies and a total portfolio value of £5.8 billion. The company plans to invest over $1.5 billion in companies in Africa and Asia this year, with a focus on climate change and women empowerment, and to create new jobs and opportunities.