E-commerce logistics startup WOW Express has raised $4.5 million in its Series A funding from Tamarind Family Private Trust and the family office of the Mansukhanis (promoters of Onida).
The capital infusion comes after two years for the Mumbai-based startup. In May 2016, it had raised Rs 15 crore in Pre-Series A round led by US-based investors.
With the fresh round, WOW Express plans to enter new geographies besides strengthening its top-level team and technology.
Founded by Jayesh Kamat, Mazhar Faruqi, and Sandeep Padoshi, WOW Express started operations in Jan 2015. It essentially processes e-commerce shipments and its major clientele are companies like Amazon, Nykaa, Myntra, Rediff, amongst others.
Apart from e-commerce logistics, it has launched a health and diagnostics delivery operation which formed 5-7 per cent of its revenue pie. It claims to offer mobility to about 50,000-60,000 samples every month.
WOW Express is looking into this vertical seriously and plans to grow this segment to about 20 per cent of its revenue share by the end of the current financial year.
With operations in 42 cities, WOW Express claims to have about 700 delivery executives offering both intra- and inter-city delivery operations clocking about 20,000 shipments per day. It sets the target of 100 cities in the next 12 months.
Having clocked revenues of Rs 19.2 crore in FY17, it claims to have doubled its revenue in FY18 and is looking to close FY19 with Rs 50 crore in revenue.
Unlike other e-commerce logistics firms, WOW Express claims to have turned operationally cash-positive on a monthly basis as of April.
The development was reported by ET.