Bengaluru-based Logistics platform Loadshare raised $40 million (about Rs 300 crore) in a funding round led by Tiger Global.
Other companies who participated in the funding include Filter Capital, 57 Stars, existing investors CDC Group and Matrix Partners India, and a few prominent family offices.
The logistics company plans on investing the freshly raised funds in hiring, building logistics technology, and adopting more electric vehicles into its fleet. The company runs an asset-light business with its focus on regional transportation of goods for tech companies like Swiggy, Flipkart, and Amazon, and FMCG firms like Hindustan Unilever and Procter & Gamble.
The previous funding raised in March 2020 has helped LoadShare expand its scope of operations and helped build a significant presence in quick delivery of food and grocery, and dark store operations, in addition to the original business lines of regional e-commerce and partial truckload operations.
Loadshare also commenced its operations in the northeast region-delivering goods to the doorstep of customers.
The company helps bring down the cost and time of delivering goods to clients. It has tied up with small and medium-sized logistics firms to enable its services, said Raghuram Talluri, Co-founder and chief executive, Loadshare
Since the advent of the pandemic, the company diversified operations across the country — from metro cities to small towns. It delivers more than 2,50,000 orders per day on the last mile and over 400 tonnes per day in regional trucking across 18 states.
Loadshare offers a range of logistics solutions and was founded by Talluri, Pramod Nair, and Rakib Ahmed in 2017. The company’s portfolio includes 10-minute quick commerce, 30-minute food deliveries, intraday e-commerce deliveries, and regional trucking to warehouses
“Now is perhaps the most exciting time to be in supply chain operations in India,” said Talluri. “From quick commerce to enterprise supply chains, the logistics industry is undergoing a massive transformation. We have been able to scale up 5X from our Series B scale due to strong macro tailwinds and staying close to our customers.”
“LoadShare’s technology enables India’s SME logistics providers to act as one, creating a national transport network with low cost and high flexibility,”Griffin Schroeder, partner, Tiger Global.