Supply chain startup Wiz Freight has raised Rs 93.3 crore or $11.24 million in a Series B round led by Japan-based venture capital firm SBI Investments. The funding for the Chennai-based startup has come after a gap of more than 20 months.
The board at Wiz Freight has passed a special resolution to issue 1,790 Series B CCPS at an issue price of Rs 5,21,191 each to raise the aforementioned sum, its regulatory filings sourced from the Registrar of Companies (RoC) shows.
SBI Investments led the round with Rs 33.3 crore while Tiger Global, Nippon Express Fund, and Axilor Technologies Fund pumped in Rs 18.71 crore, Rs 16.62 crore, and Rs 10.42 crore, respectively. Arali Investments and Unikon Shipping Ventures also participated with Rs 14.32 crore cumulatively.
The company will use these proceeds for growth, expansion, and general corporate activities, as per filings.
Wiz Freight raised over $50 million to date including the $37 million Series A round led by Tiger Global in March 2022. As per TheKredible estimates, the company has been valued at around Rs 1,142 crore or $140 million post-allotment, registering a 20% jump in its valuation when compared to its Series A round.
According to Wiz Freight, it will raise $30 million in Series B in two tranches of $15 million each, the round will be closed at a valuation of $175 million.
Founded in 2020 by Ramkumar Govindarajan and Ramkumar Ramachandran, Wiz Freight offers end-to-end shipment management solutions including price discovery, booking management, shipment tracking, documentation, shipment finance, and customer support.
While Wiz Freight is yet to release its financial numbers for FY23, its revenue from operations soared 18.2X jump to Rs 327.5 crore during FY22. It also turned profitable with Rs 8 crore during the same period.
Update: The story has been updated to include funding and valuation details shared by Wiz Freight spokesperson.