Exclusive: Tiger Global to lead $50 Mn round in LoadShare

The funding spree continues as logistics startup LoadShare is in advanced talks to raise around $50 million in a Series C financing round from new and existing investors, according to two sources aware of the details of the transaction.

The new round is coming after a gap of 20 months for LoadShare which had raised around $13 million [Rs 100 crore] in its Series B round in May 2020. The Bengaluru-based company has raised close to $18 million to date.

“LoadShare is all set to close a $50 million round in which Tiger Global will be the lead investor with $25-30 million,” said one of the sources requesting anonymity. “The terms of the deal have been finalised and the Series C round is likely to materialise soon.” 

LoadShare provides the technology platform, operations know-how, besides providing guidance on business development and branding. It also offers other services such as first-mile, line-haul, and last-mile deliveries to modular logistics software solutions.

“LoadShare will be valued at around $200 million after this round and Tiger Global will acquire about 15% stake in the company,” said the second source who also wished not to be named. Existing investors including Beenext, CDC, Stellaris, Matrix will also participate on a pro-rata basis.” 

Queries sent to LoadShare did not elicit an immediate response. We’ll update the post as and when it responds. Tiger declined to comment on the story.

Founded by Raghuram Talluri, Tanmoy Karmakar and Rakib Ahmed in 2017, LoadShare works with Amazon, Flipkart, Unilever, Jio, Udaan, Myntra, Swiggy, Zomato, BlinkIt and Zepto among several others.

According to sources, Zomato has started to outsource its large volume of deliveries to LoadShare in the recent past. “Zomato may invest in LoadShare as well but the talks are in the preliminary stage,” the above-quoted person said. 

Entrackr couldn’t verify this independently. Queries sent to Zomato didn’t get any immediate response. We will update the story in case it responds.

At present, LoadShare claims to have covered more than 9,000 pin codes across 500 towns across 18 states. Its network consists of more than 10,000 bikers and over 3,00,000 trucks.

In the B2B logistics space, LoadShare competes with the likes of Delhivery, Rivigo, and BlackBuck. It’s worth noting that all these three companies [Delhivery, Rivigo, and BlackBuck] have attained unicorn status and apart from Rivigo, Tiger Global is a common investor in all these companies.