Wiz Freight obtains INR 93 Cr in Series B funding round

• ByStartupStory     |    January 5, 2024

Supply chain startup Wiz Freight has secured Rs 93.3 crore or $11.24 million in a Series B funding round led by Japan-based venture capital firm SBI Investments, marking its first funding in over 20 months.

“As per regulatory filings from the Registrar of Companies, Wiz Freight will issue 1,790 Series B CCPS at an issue price of Rs 5,21,191 each,” reported sources.

SBI Investments spearheaded the funding with Rs 33.3 crore, while Tiger Global, Nippon Express Fund, and Axilor Technologies Fund contributed Rs 18.71 crore, Rs 16.62 crore, and Rs 10.42 crore, respectively. Arali Investments and Unikon Shipping Ventures also participated, collectively investing Rs 14.32 crore. “The capital infusion will fuel our growth and expansion initiatives,” stated the filings.

Wiz Freight has raised over $50 million to date, including a $37 million Series A round led by Tiger Global in March 2022. The company’s valuation post-allotment stands at around Rs 1,142 crore or $140 million, marking a 20% increase from its Series A round.

According to Wiz Freight, their Series B funding will reach $30 million in two $15 million tranches, closing the round at a valuation of $175 million.

Co-founded in 2020 by Ramkumar Govindarajan and Ramkumar Ramachandran, Wiz Freight provides comprehensive shipment management solutions, encompassing price discovery, booking management, shipment tracking, documentation, shipment finance, and customer support.

“During FY22, our revenue surged by 18.2X to Rs 327.5 crore, and we achieved profitability with Rs 8 crore,” highlighted Wiz Freight, although financial figures for FY23 are yet to be disclosed.

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