Wiz Freight, a burgeoning supply chain startup headquartered in Chennai, India, has recently closed a substantial Series B funding round amounting to Rs 125 crore (approximately $15 million). This funding endeavor was spearheaded by SBI Investment, a prominent Japanese investment firm, alongside participation from notable entities such as Tiger Global, NIPPON EXPRESS HOLDINGS, Axilor Technologies Fund, Foundamental, Arali Investments, Unikon Shipping Ventures, and various family offices.
The infusion of capital marks a significant milestone for Wiz Freight as it gears up to bolster its global footprint across key regions including Southeast Asia, the Middle East, and the United States. The company, founded in 2020 by Ramkumar Govindarajan and Ramkumar Ramachandran, aims to leverage this funding to fortify its technology-driven logistics solutions and propel its operational capacities to new heights.
With a post-money valuation soaring to Rs 1,400 crore (nearly $170 million) following this funding round, Wiz Freight has exhibited a remarkable 50% increase in valuation since its previous round. The company’s exponential growth trajectory underscores its commitment to innovation and market expansion in the fiercely competitive logistics landscape.
Wiz Freight’s strategic vision encompasses the segmentation of its Series B round into two tranches, with intentions to conclude the fundraising exercise within the calendar year. The infusion of capital will not only bolster the company’s financial robustness but also fuel its ambitious growth agenda across diverse geographies.
In a statement released by Ramkumar Ramachandran, co-founder of Wiz Freight, he emphasized the company’s resolve to amplify its workforce by doubling the headcount at its esteemed Tech and R&D Center in Chennai, presently accommodating 200 employees. The expansion drive is strategically aligned with the company’s overarching objective of fortifying its technological infrastructure to drive operational efficiencies and enhance customer experiences.
Wiz Freight’s commitment to fostering economic growth and employment opportunities is underscored by its recent memorandum of understanding (MoU) with the Tamil Nadu government. The agreement entails a proposed investment of Rs 300 crore over the ensuing five years, culminating in the creation of an additional 2,000 job opportunities within the region. This strategic partnership exemplifies Wiz Freight’s unwavering dedication to socio-economic development and community empowerment.
Despite the absence of financial disclosures for the fiscal year 2023, Wiz Freight showcased stellar performance in the preceding fiscal period, with its revenue from operations surging by a remarkable 18.2X to Rs 327.5 crore. The company’s commendable trajectory towards profitability is evidenced by its reported earnings of Rs 8 crore during the same period, a testament to its prudent financial management and operational acumen.
As Wiz Freight embarks on its next phase of expansion and innovation, the infusion of capital signals a resounding vote of confidence from investors and stakeholders alike. With a steadfast commitment to technological innovation, operational excellence, and inclusive growth, Wiz Freight is poised to redefine the contours of the global logistics landscape, one shipment at a time.