Supply chain startup Wiz Freight has raised Rs 125 crore (approximately $15 million) in a Series B funding round led by Japan-based SBI Investment. The round also saw participation from Tiger Global, NIPPON EXPRESS HOLDINGS, Axilor Technologies Fund, Foundamental, Arali Investments, Unikon Shipping Ventures, and a few family offices.
The company plans to grow its global operations in Southeast Asia, the Middle East, and the US with the new investment and further enhance its technology-driven logistics solutions, Wiz Freight said in a press release.
As per Wiz Freight, the new tranched has come at a post-money valuation of Rs 1,400 crore (nearly $170 million) registering a 50% jump in the valuation from its last round. Last month, Entrackr exclusively reported about Wiz Freight’s ongoing round.
Wiz Freight also added that it plans to raise the Series B round in two tranches and it intends to close this year.
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.
“WIZ is set to double its workforce at the Tech and R&D Center in Chennai, currently home to 200 employees. The primary focus is on scaling up the tech platform for enhanced efficiency,” said Ramachandran.
The firm recently signed a MoU with the Tamil Nadu government for a proposed investment of Rs 300 crore over the next five years and is expected to create 2,000 more jobs.
While Wiz Freight is yet to release its financial numbers for FY23, its revenue from operations jumped 18.2X to Rs 327.5 crore during FY22. It also turned profitable with Rs 8 crore during the same period.