As Chennai based Stride Ventures invests INR 20 Cr. in Wiz Freight, the full-stack digital freight forwarder gets its first venture-debt lender. The tech-enabled freight forwarding company provides exporters with door-to-door international freight solutions.
Cross-border shipping has been the backbone of global trade and the last two years have seen unprecedented disruptions in the international supply chain driving prices and inventory shortages. We have been able to help our customers minimise disruptions with better visibility, planning, and real-time shipment control using our tech platform. We have grown 25x in the last 12 months and have established a presence across 10 Indian cities. We are planning to invest in hiring, tech development, and global expansion in 2022. We are happy to partner with Stride Ventures in this journey.”~ Ramkumar Govindarajan, Co-Founder, Wiz Freight
With this investment, Stride Ventures has crossed the INR 1000 Cr mark of total investment in portfolio funds as the venture loan fund provides customized finance solutions to entrepreneurs.
Wiz Freight has been successful in growing consistently and onboarding key corporates while sustaining margins in a highly volatile freight market. In spite of the pandemic affecting the wider freight and logistics industry, large-scale digitisation has led to newer solutions. With Wiz, we are very keen and excited to be a part of their journey towards expanding global reach and creating disruptions in the international supply chain.”~ Ishpreet Singh Gandhi, Founder, Stride Ventures
Lately, the demand for digital supply chain solutions has grown manifold in the modern-day shipping industry. Wiz Freight’s customers include Tata, Adani Group, Mahindra, Aditya Birla, Renew Power, Hero Motors, ITC and Marico, among others.
Wiz Freight has raised USD 3.5 million (about Rs 26 crore) in seed funding led by Axilor. The seed round also saw participation from Arali Ventures and Foundamental, along with angel investors Ramakant Sharma, Co-Founder of Livspace and Daniel Richner, Chairman of the M+R Spedag Group, a Swiss-based logistics firm.
Founded by logistics veterans Ramkumar Govindarajan and Ramkumar Ramachandran exactly a year ago in Chennai, Wiz’s full-stack platform allows enterprises and small businesses to automate their cross-border logistics operations.