WIZ Freight: Transforming Supply Chain Solutions with Series B Funding in 2024

Pioneering the Future of Global Logistics

WIZ Freight, a dynamic Chennai-based supply chain startup, has recently secured Series B funding, marking a significant milestone in its journey to transform global logistics solutions. WIZ Freight secured ₹125 crore in equity funding led by SBI Investment, boosting its valuation to ₹1,400 crore—a 50% jump.

The company’s ambitious plan involves raising this round in two tranches, underscoring its robust growth strategy.

Expanding Horizons with Strategic Investments

Launched in January 2020 by founders Ramkumar Govindarajan and Ramkumar Ramachandran, WIZ Freight has quickly become a prominent force in the logistics industry, notably serving the needs of exporters and importers within emerging markets. The startup specialises in offering a tech-driven platform that simplifies cross-border shipments with e-commerce-like convenience.

Its AI-powered tools provide instant capacity discovery, dynamic pricing, enhanced routing, door-to-door tracking, and automated document workflows, significantly enhancing efficiency for shippers.

The recent funding round witnessed participation from heavyweight investors including Tiger Global, NIPPON EXPRESS HOLDINGS, Axilor Technologies Fund, Fundamental, Arali Investments, Unikon Shipping Ventures, and several family offices. This infusion of capital is earmarked for expanding WIZ Freight’s global operations into Southeast Asia, the Middle East, and the US, along with further enhancing its technology-driven logistics solutions.

Leveraging Technology to Drive Growth

WIZ Freight’s success story is built on its innovative approach to logistics. The platform’s AI and machine learning capabilities offer a revolutionary way for businesses to manage their shipping needs, streamlining processes that traditionally required countless hours of manual work. This technological edge has positioned WIZ Freight as a preferred partner for over 1,500 businesses, including industry giants like Adani, Mahindra, and Tata.

Fostering Development and Job Creation

The startup’s growth trajectory is not just about expanding its services but also about contributing to the ecosystem. Co-founder and Chairman, Ramachandran, announced plans to double the workforce at their Tech and R&D Centre in Chennai, which currently employs around 200 individuals.

Furthermore, WIZ Freight’s impressive FY23 revenue of ₹1,325 crore, with expectations to maintain a similar run rate in FY24, underscores its financial health and potential for future expansion.

WIZ Freight recently made a deal with the Tamil Nadu government, agreeing to invest ₹300 crore in the state over the next five years. This move is expected to create 2,000 more jobs, reinforcing WIZ Freight’s role as a significant contributor to economic growth and employment.

Looking Ahead: A Bright Future for WIZ Freight

As WIZ Freight continues to scale its operations and refine its offerings, the future looks promising for this innovative startup. Its strategic focus on leveraging cutting-edge technology to address the complex challenges of global logistics positions it as a leader in the supply chain solutions space.

With a team of around 850 employees across 30 locations in India and five countries. WIZ Freight is set to redefine the logistics landscape, making it an exciting company to watch in the coming years.

The company’s journey is a testament to the transformative power of technology in logistics, promising a future where supply chain solutions are more efficient, transparent, and user-friendly. With its recent Series B funding, the company is well on its way to becoming a global logistics powerhouse.