Wiz Freight Secures INR 125 Crore in Series B Funding for Global Expansion
Chennai-based digital cross-border supply chain startup, Wiz Freight (Radar Ventures Pvt Ltd), has successfully raised INR 125 crore in Series B funding, with prominent contributions from SBI Investment and Nippon Express, as announced on Wednesday.
Established in 2020, Wiz Freight specializes in assisting exporters and importers in emerging markets with the seamless booking and management of cross-border shipments through its innovative technology platform.
The funding comes as part of the company’s larger Series B round, which it plans to conclude within the year. Ambit served as the financial advisor for Wiz Freight during this funding round.
Eyeing expansion into key markets such as Saudi Arabia, Vietnam, China, Malaysia, and select European regions, Wiz Freight is strategically positioning itself for global growth.
With a two-tranche approach to the Series B round, the company aims to leverage the funding to bolster its global presence in Southeast Asia, the Middle East, and the United States. The focus remains on enhancing its technology-driven logistics solutions to meet evolving industry demands.
Co-founder and Chairman, Ramkumar Ramachandran, shared insights into the company’s strategic vision, revealing plans to double the workforce at its technology and research and development center in Chennai, currently housing 200 employees. The primary goal is to scale up the technology platform for increased efficiency.
Wiz Freight, currently operating in five countries, anticipates expanding its footprint to five additional countries across ten new locations. In pursuit of this growth, the company has recently acquired the India leg of M+R Spedag Logistics and ATZ Shipping. Wiz Freight also aims to broaden its presence in the logistics and warehousing sector through strategic small and medium-sized acquisitions.
The company’s current team comprises approximately 850 employees spread across 30 locations, reflecting its commitment to building a robust and widespread operational network.
