Mumbai headquartered digital platform for freight solutions Freight Tiger has announced raising $6.5 million (Rs 47.9 crore according to current exchange rates) led by Florintree Advisors, backed by former Blackstone executive Mathew Cyriac.
The round also saw participation from family office of OYO founder Ritesh Agarwal, Aroa Ventures, as well as returning investors Lightspeed India Partners, Moonstone Investments and Pawan Munjal family Trust.
The company had last raised $8 million led by Lightspeed Venture Partners in June 2019, valuing it at $19 million.
The company is building a Software-as-a-Service (SaaS) for digital freight network. This will help shippers, logistics service providers and transport companies reduce empty miles and logistics cost.
The company started out by designing an app for stakeholders in the logistics industry including truck owners, brokers and logistics companies.
Founded in 2014 by Harvard graduate Swapnil Shah, Freight Tiger works with over 300 shippers such as Saint Gobain, JSW Steel, Patanjali, Kohler, MRF as well as 4,000-plus transport companies.
“We have seen rapid acceleration in adoption over the last 12 months on our software platform and digital freight network. We today process close to 4% of India’s FTL volume on our software platform,” Swapnil Shah, CEO of Freight Tiger, said in a statement issued by the company.
He further added, “Our differentiated approach of software led end-to-end digitization is bringing the ecosystem together and making the $125 billion Indian freight market more seamless, collaborative and transparent. We are on track to hit $100 million in annualised gross revenue by the end of this fiscal year.”
Recently, Delhi-based package delivery service provider GoBolt announced raising $20 million in a Series B round of funding from Paragon Partners and Aavishkaar to expand its SaaS based solution and offering end-to-end logistics.