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Wiz Freight raises Rs 275 cr in funding from Tiger Global, others

Agencies | Updated on: Thursday, March 31, 2022, 02:31 PM IST

Wiz Freight plans to accelerate its technology R&D and global expansion into Southeast Asia, the Middle East and Africa with the new investment./ Representative image |
Wiz Freight plans to accelerate its technology R&D and global expansion into Southeast Asia, the Middle East and Africa with the new investment./ Representative image |
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Supply chain startup Wiz Freight on Thursday said it has raised Rs 275 crore funding through a mix of equity and debt led by Tiger Global.

Other investors -- Axilor Ventures, Foundamental, Arali Ventures, Stride Ventures and Alteria Capital also participated in the Series A funding round, the company said in a statement.

The company plans to accelerate its technology R&D and global expansion into Southeast Asia, the Middle East and Africa with the new investment, it added.

It plans to open two new tech R&D centres in Bengaluru and Singapore where it will carry further development of its artificial intelligence, machine learning, blockchain and IoT capabilities to offer intelligent and connected cross-border shipping to its customers.

It is looking to double its headcount, the company added.

At present, Wiz Freight said it has a team of over 350 people across more than 15 locations with a network of 200-plus carriers and vendors, catering to more than 1,500 enterprises.

Wiz Freight CEO Ramkumar Govindarajan said global trade is witnessing all-time high volatility in capacity and rates led by pandemic and the recent geopolitical events causing massive disruptions in supply chain planning and execution for shippers.

The company is helping customers take control of their supply chains by offering shipment visibility, intelligent risk-optimised routing solutions and multi-carrier capacity offerings through its tech platform and building maximum resilience to avoid business disruptions, he added.

''We are deeply committed to building disruptive shipping solutions for businesses in emerging markets and the tail-winds around post-pandemic tech adoption are helping the company reach its mission faster,'' Govindarajan said.

(With inputs from PTI)

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Published on: Thursday, March 31, 2022, 02:31 PM IST