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Wiz Freight raises INR 93 in Series B funding round

Funding Alert

Starting the supply chain Wiz Freight has secured 93.3 crore rupees or $11.24 million in a Series B funding round led by Japanese venture capital firm SBI Investments, its first funding in over 20 months.

“According to regulatory filings with the Registrar of Companies, Wiz Freight will issue 1,790 Series B CCPS at an issue price of Rs 5,21,191 apiece,” the sources said.

SBI Investments led the funding with Rs 33.3 crore, while Tiger Global, Nippon Express Fund and Axilor Technologies Fund contributed Rs 18.71 crore, Rs 16.62 crore and Rs 10.42 crore, respectively. Arali Investments and Unikon Shipping Ventures also participated and jointly invested Rs 14.32 crore. «The capital infusion will support our growth and expansion initiatives,» the filings said.

Wiz Freight has raised more than $50 million to date, including a $37 million Series A round led by Tiger Global in March 2022. The company’s post-allotment valuation is around Rs 1,142 crore, or $140 million, a 20% increase from series A round.

According to Wiz Freight, their Series B funding will reach $30 million in two $15 million tranches, closing the round at a $175 million valuation.

Co-founded in 2020 by Ramkumar Govindarajan and Ramkumar Ramachandran, Wiz Freight provides end-to-end shipment management solutions that include pricing, reservation management, shipment tracking, documentation, shipment financing, and customer support.

“During FY22, our revenue grew 18.2x to Rs 327.5 million and we achieved profitability at Rs 8 million,” Wiz Freight pointed out, although financials for FY23 are yet to be released.

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