Online freight aggregator Cogoport is all set to raise Rs 50 crore from venture capital firm Accel Partners, which already has stakes in two other logistics startups Blackbuck and Fortigo.
If the deal goes through, the funding will add one more logistics startup in VC firm’s portfolio.
Founded in 2016 by Shekhar Purnendu, Anurag Dabral, Harsh Kumar and Kunal Rathod, Cogoport is an aggregator of freight services using technology to make a cost-effective tie-up between exporters and importers on one hand and ocean and air freight carriers on the other. It also allows customers to compare rates and book shipment as well as track it online.
The company also offers door-to-door services by way of price comparisons for trucking, custom charges and inland docking charges from the same platform.
At present, the platform has branches in Mumbai, Ahmedabad, Baroda, Rajkot, Gurugram and Hong Kong. It also plans to expand its operations in Netherlands by March this year.
Cogoport claims to have received over 85,682 inquiries from over 2,560 clients through its online platform. It has also 47,108 port pairs onboard.
The platform, which currently clocks monthly revenues of Rs 3 crore, is planning to increase it by Rs 19 crore during financial year 2018.
The company competes with Rivigo, Blackbuck, Fortigo, Flexport, Freightos and Xeneta amongst others.
Last year, Cogoport raised Rs 5 crore from an unnamed high net worth individual while its competitor Gurgaon-based Rivigo raised $50 million in Series D round led by SAIF Partners last month.
Previously, it had raised $75 million from Warburg Pincus, while another competitor in logistics space, Blackbuck had raised Rs 50 crore from InnoVen Capital in a venture debt.
The news was first reported by The Mint.