Chennaibased supply chain startup Wiz Freight raises Rs 125 crore, valued at Rs 1400 crore
Chennai-based supply chain startup Wiz Freight has raised Rs 125 crore in Series B funding. The funding, led by Japan-based SBI Investment, Tiger Global, Nippon Express Holdings, Axilor Technologies Fund, and others, will be used to expand the company's presence in more countries. Wiz Freight, valued at Rs 1400 crore, focuses on managing cross-border shipments on its tech platform. It has also acquired the India leg of M+R Spedag Logistics and ATZ Shipping and plans to expand in the logistics and warehousing space through small and medium acquisitions. The company has signed an MoU with the Tamil Nadu government for a Rs 300 crore investment over the next five years.
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Frequently Asked Questions (FAQs)
1. What is Wiz Freight?
Wiz Freight is a Chennai-based digital supply chain startup that provides digital cross-border supply chain services, particularly in developing nations. They specialize in digital freight forwarding and aim to simplify supply chain processes through technology.
2. How much funding did Wiz Freight recently raise and from whom?
Wiz Freight raised Rs 275 crore in a funding round led by Tiger Global with participation from other investors. They have also secured INR 93.3 Cr (around $11.2 Mn) as part of its Series B funding round.
3. What is the recent valuation of Wiz Freight?
Wiz Freight has been valued at Rs 1400 crore according to "The New Indian Express," indicating substantial growth and confidence from investors in the startup’s potential.
4. What was the purpose of the Series B funding for Wiz Freight?
The purpose of the Series B funding for Wiz Freight is to fuel its expansion and further develop its digital freight forwarding solutions, enhancing its service offerings and market presence.
5. Is Wiz Freight profitable?
Yes, it has been reported that Wiz Freight turned profitable with Rs 8 crore during a certain period, showcasing the company's ability to not only attract funding but also successfully generate profits.
6. Where is the headquarters of Wiz Freight located?
Wiz Freight is headquartered in Chennai, Tamil Nadu, India.
7. How many employees does Wiz Freight have?
As indicated by one of the sources, Wiz Freight has a workforce of about 200+ employees, which includes tech and other professional personnel.
8. What are the expansion plans of Wiz Freight following the Series B funding?
Following the Series B funding, Wiz Freight plans to use the funds to support its expansion efforts. While specific expansion details are not provided, it typically involves scaling up operations, entering new markets, enhancing their technology platform, and possibly increasing the workforce to manage the growth.
9. Who were the financial advisors to Wiz Freight on the Series B fund raise?
"Ambit Private Limited" was mentioned as the financial advisor to Wiz Freight on the Series B fund raise.
10. Does Wiz Freight have plans for further funding rounds?
According to one source, the current fundraise is a part of a larger round that Wiz Freight intends to close later in the year, suggesting that additional funding could be forthcoming to support continued expansion and development.
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