Logistics-technology startup Freightwalla has raised $4 million (approximately Rs 28.30 crore at current exchange rates) in its Series A funding round from a clutch of investors.
Venture capital firms such as the US-based Amplo, FJ Labs and Rogue One Capital participated in the funding round. Existing investors such as Kae Capital and Tekton Ventures also contributed to the round, Freightwalla said in a statement.
Sanjay Bhatia, co-founder and chief executive officer at Freightwalla, said the latest funds will be used for geographical expansion and enhance the technological infrastructure. “Since the last round of funding we have witnessed a nine-time growth in our volumes, eight-time growth in revenue and a five-time growth in our team size,” he said.
Company co-founder and chief executive officer Sanjay Bhatia said the Series A funds will be used to expand Freightwalla’s geographical reach as well as upgrade its technological infrastructure. “Since the last round of funding we have witnessed a nine-time growth in our volumes, eight-time growth in revenue and a five-time growth in our team size,” Bhatia said.
Separately, Sheel Tyle, founder and CEO at Amplo, said the firm was confident in its investment in Freightwalla because of its being well-positioned to bring “price visibility and shipping accuracy” to importers and exporters of Indian cargo.