Mailit, a logistics company backed by Ratan Tata, aims to raise $10 million
- ByStartupStory | November 22, 2022
A technology-driven logistics and mailroom management firm sponsored by Ratan Tata, Mailit, announced on Monday that it is seeking to earn $10 million in a series A fundraising round.
In addition to raising an unknown amount in debt financing as a bridge round before raising its Series A, Mailit, which is run by Mailit Mailroom Management Solutions Pvt. Ltd. A global network for venture capital and private equity investors called PSI was used to finalize the funding.
Adani Group, SBI, Asian Paints, L&T, Raymond, IndusInd Bank, Ultratech Cement, Emerson, Sandvik Asia, and Larsen & Toubro are just a few of the businesses that Mailit works with. The 73 companies of the Tata Group are also among the clients. Mailit provides postal, courier, third-party logistics, freight, digital mail room management solutions, and courier services.
“Last year, when we raised funding from Ratan Tata, Mr. Tata backed us as he believed that the Mailit platform will bring in cost optimization, build efficiencies in the supply chain, and create employment opportunities across India,” remarked Mailit founder Mahesh Shirodkar. Mailit wants to create India’s first digitally integrated logistics and mailroom solutions (IL&MS) platform, which will deliver market visibility, increased efficiency, and market consolidation. Shirodkar’s career actually began 20 years ago as a mailroom delivery boy for Tata Motors.
“Mailit has transformed from a regular courier business into a tech-driven logistics and mobility startup. While B2C has always had real-time cargo tracking, Mailit has launched this for Indian B2B clients,” stated Samir Dahotre, the founder and CEO of PSI.
Ratan Tata, the former chairman of Tata Sons, has sponsored businesses in the past, including Snapdeal, Kaaryah, Bluestone, CarDekho, DogSpot, and Urban Ladder. Over 1,500 investors from 400 VC, PE, and family offices in 21 countries make up the investor network known as PSI VC. The network helps raise up to $100 million on a regular basis and works without regard to industry. Fundraising, corporate sales, and strategic collaborations are its main areas of focus.
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