Wiz Freight a supply chain platform raised funds for Rs. 275 Crore by Tiger Global. Many Logistics companies invested in this start-up tech platform for creating its impact on modern supply chain sector.
Supply chain platform Wiz Freight which run by full-stack digital company Radar Ventures. They have raised Rs. 275 Crore ($36.6 million) which is a mix of equity and the company made a statement on Thursday revealed this funding was led by Tiger Global Management.
This funding round observed more participation from companies such as Foundamental, Axilor Ventures, Stride Ventures, Arali Ventures and Alteria Capital. Even Ramkant Sharma Angel investors, LivSpace Co-founder and M+R Spedag Group Chairman, Swiss based logistics participated in funding round.
The supply chain platform Wiz Freight execute the plan to advance its technology development and research, it plans to expand to southeast Asia, Middle East and Africa for their benefit on new investments. This start-up launches its operation in 15 new countries and its headquarters is based in Dubai and Singapore.
The company plans to globally expand to Southeast Asia and plans to launch its latest new tech R&D centres in Singapore and Bengaluru which will build its AI artificial intelligence, blockchain, machine learning and IoT capabilities that will benefit in offering intelligent and connected cross-border shipping to their customers. The company plans to double its headcount and build its tech sector stronger.
CEO of Wiz Freight Ramkumar Govindarajan and Ramkumar Ramachandran got funds for their start-up.
Wiz Freight at the present has a team of 350 people in 15 more location with a network of 200- plus vendors, catering and carriers in more than 1,500 enterprises. CEO of Wiz Freight Ramkumar Govindarajan expressed global trade is observing overall high volatility in capacity.
During the pandemic the rates gave an impact to geopolitical events that caused massive disruption in supply chain planning and execution for shippers. This company is providing service to customers to control and manage their supply chains by contributing through tech platform and building resilience for better impact.
Wiz founded in August 2020 which is based in Chennai by the Co-founders Ramkumar Govindarajan and Ramkumar Ramachandran, the company provides helps in exporting and importing in markets book and control its shipment through tech platform. This AL platform benefits the company with dynamic pricing and enables shippers optimise their route.
Supply chain platform Wiz Freight plans to advance its technology and research.
The company growth is been profitable, over last twelve months, it raised to 20% and they aim to achieve a revenue increase of 300% – 400% by this year. The chief of Executive Officer of Wiz Freight mentions Global trade is creating high volatility, pandemic made huge disruptions in the supply chain management and shipment.
Ramachandran mentions that latest crisis Russia-Ukraine war has impacted the world, also disrupted supply chain sectors. After the war re-building the phase for modern supply chain will take place and opportunities. Unfortunate events lead to immediate adoption of technologies and digital transformation for companies.