Mumbai-based logistics technology startup Freightwalla has tied up with global shipping company Maersk to offer accurate import and export shipment rates in real time. The spot rate integration into Freightwalla will allow shippers to search, secure competitive rates, and book container space instantly online, making it more reliable.
Copenhagen headquartered Maersk introduced spot rates to reduce overbooking cycles and also provide price and cargo loading assurance. Traditional freight forwarding has been a highly manual and inefficient process, making the shipping industry's digital revolution long overdue.
“The conventional booking process involved multiple steps with no guarantee of loading. Maersk’s spot rate integration enables our customers to see instant rates and see real-time availability of equipment, space, and surety of loading for their shipments,” Punit Java, co-founder and CTO, Freightwalla said in a statement.
The announcement comes a year after the startup raised $4 million in a Series A funding round. The capital came from a clutch of India and US-based venture capital firms including Amplo, Rogue One Capital, Kae Capital and FJ Labs. The capital was invested in developing its technology portal to provide a seamless shipping experience to its customers.
The startup’s FY20 revenue stood at Rs. 11.7 crores up from Rs. 4.5 crores in FY19, as per data from VCCEdge. In the same period, its losses grew 7x to Rs. 1.48 crores from Rs. 23.8 lakhs in FY19.