The Mumbai-based Florintree Capital, along with a clutch of investors have invested about INR 50 crore ($6.5 million) in Freight Tiger, a homegrown digital freight network.
The round witnessed the participation of Oyo Founder, Ritesh Agarwal’s family office Aroa Ventures and existing investors Lightspeed India Partners, Moonstone Investments and Pawan Munjal Family Trust.
Founded by Swapnil Shah, Freight Tiger currently has over 300 shippers and 4000 transport companies on its platform. Its customers include Saint Gobain, Dalmia Group, , BLR Logistiks, Patanjali, Kohler and MRF.
Founded by Mathew Cyrio, Florintree Capital made its early investment in Freight Tiger in 2017, following which Freight Tiger attracted two rounds of funding from Shriram Transport, Lightspeed India, Pawan Munjal and Vishal Sharma – former CEO of Gateway Rail.
In 2019, Freight raised $8million (INR 55 crore) from investors, led by Lightspeed India Partners along with Alsthom Industries and Pawan Munjal Family Trust.
We have seen rapid acceleration in adoption over the last 12 months on our software platform and digital freight network. We today process close to 4% of India’s FTL volume on our software platform.”
~ Swapnil Shah, Founder & CEO, Freight Tiger
Our differentiated approach of software-led end-to-end digitization is bringing the ecosystem together and making the $125 bn Indian freight market more seamless, collaborative & transparent. We are on track to hit $100 mn in annualized Gross Revenue by the end of this fiscal year, he added.
Freight Tiger is well-positioned to transform the very complex Indian logistics sector in the next few years. I am looking forward to working with Swapnil and the other Board members in this exciting phase of Freight Tiger.”
~ Mathew Cyriac, Executive Chairman, Florintree Advisors
Mathew will be joining the Board with this follow-on investment.
Earlier in June, Florintree Capital had acquired about 20% stake in Data Patterns, Chennai based defence supplier Data Patterns (India) Private Limited.
Florintree’s other investments include MTAR Technologies, garment exporter Gokaldas Exports, CMS IT Services, insurance broker OneInsure, subway sandwich chain Bread Basket, loan provider CASHe, and startup City Cash.
