Freightwalla, a Mumbai based logistic firm has announced a fresh capital investment from VC firm Kae Capital and Tekton Ventures, an investor based out of San Francisco. The company will be using the latest financing to boost their sales and develop the tech platform of the company.
Started in 2015 by former PWC Bharat Thanvi: a supply chain management executive, Punit Java: Amazon and Microsoft, Sanjay Bhatia: a former PwC executive. Using the platform customers can book and manage their freight shipments online. The company deals in various segments like toys, homewares, textiles, agricultural products, and packaged foods. It claims to generate revenue of about Rs 1.5 crore per month.
Sanjay Bhatia, the CEO of the firm talking about the firm said, “We have over 350 businesses on-boarded onto our platform and work with companies engaged in imports and exports, sized from five to 500 containers per month. We are currently dealing with sub-500 TEUs (twenty-foot equivalent units) per month and are on track to achieve 10x growth over the course of the next six months."
Kae Capital venture partner Vidushi Kamani talking about the investment said, “Ocean freight forwarding is a $30 billion market. Business owners are realizing that adopting technology to improve transparency and efficiency of their operations can save them more money in the long run. So, we’re very excited about the opportunity to partner with Freightwalla and transform the industry."
Freightwalla competes with firms like LetsTransport, BlackBuck, ShipX and ElasticRun who have the backing of a few marquee investors that include Sequoia Capital, Norwest Venture Partners and China’s Fosuc RZ Capital.