Chennai based Wiz Freight receives INR 20 Crore in Debt Funding
- ByTejika Bajaj | January 15, 2022
The Chennai based freight solutions provider Wiz Freight has recently raised INR 20 crore from homegrown venture lending fund Stride Ventures in a debt funding deal. With this announcement, Stride Ventures has become the first venture-debt lender to a freight forwarder company in Chennai.
With this fund allocation, the total obligations of the debt fund which offers credit solutions to startups has now crossed INR 1000 crore in portfolio companies.
Commenting on the funding, Ishpreet Singh Gandhi, Founder, Stride Ventures, said: “Wiz Freight has been successful in growing consistently and onboarding key corporates while sustaining margins in a highly volatile freight market. In spite of the pandemic affecting the wider freight and logistics industry, large-scale digitisation has led to newer solutions. With Wiz, we are very keen and excited to be a part of their journey towards expanding global reach and creating disruptions in the international supply chain.”
Founded by Ramkumar Govindarajan, Wiz Freight is a Chennai headquartered full-stack digital freight forwarder which offers door-to-door international freight solutions to importers and exporters. Till date, the company claims to have grown 25X in the past two months and has an established presence across 0 Indian cities. Additionally the startup is planning to invest in hiring, tech development, and global expansion in 2022.
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