Tech-enabled logistics startup Loadshare has raised funds in its Series A round led by early-stage fund Stellaris Venture Partners. Existing investor in the Bengaluru-based startup, Matrix Partners also participated in the current round.
The quantum of the deal could not be ascertained, however, a TOI report quoting sources said that it has raised around $5 million in the fresh round.
Following the deal, Alok Goyal, a partner at Stellaris Venture Partners, will join Loadshare’s board.
The fresh proceeds will be deployed towards strengthening the startup’s core leadership team, expanding geographies, and to scale its technology base.
Loadshare currently operates in more than 3,500 pin codes across North East and East India, all four South Indian states, Rajasthan, Uttar Pradesh and key metros.
The company is presently clocking about 40,000 shipments per day. The startup’s biggest customers include e-commerce firms. It is also planning to expand more into the business-to-business (B2B) logistics segment.
Loadshare was floated by a former Myntra executive Raghuram Talluri, along with Tanmoy Karmakar and Rakib Ahmed in January last year. The startup has built a network focusing on small and medium players by helping them with technology and operations know how.
The last investment came in May 2017 for Loadshare, when it raked in about $1 million from Matrix Partners India.
In January, this year Ritesh Banglani, Alok Goyal, and Rahul Chowdhri-led venture capital firm Stellaris had secured an unknown sum from Cisco Investment. The corporate investor is the third major corporate to join Stellaris as a backer.
Launched in early last year, Stellaris has funded about four startups including on-demand doctor consultation platform mFine, SaaS-based staff communication platform Noticeboard, enterprise-focused SaaS support platform Whatafix and mobile-centric B2B marketplace WYDR.
The venture capital firm invests in core enterprise space such as cloud, IoT, machine learning, enterprise applications, and analytics.