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India Quotient, others invest in online freight service marketplace Comet

By Shruti Jain

  • 13 Dec 2016
India Quotient, others invest in online freight service marketplace Comet
Credit: ThinkStock

Mumbai-based Hyperflux Solutions Pvt. Ltd, which operates Comet, an online marketplace for international freight services, has raised an undisclosed amount in a pre-Series A funding round led by early stage investment firm India Quotient.

Dubai-based Nobel House, Sunstone Capital and serial entrepreneur-cum-angel investor Alok Mittal also participated in the round. Meanwhile, marquee investor Rajul Garg and founders of

Tiger Global-backed logistics startup BlackBuck—Rajesh Yabaji, Chanakya Hridaya, Ramasubramaniam B and Vishwanathan—invested in their personal capacity, the firm said in a statement. 

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The funding will be used to build the team, technology and enhance market penetration, it said.

Comet offers a technology-enabled system to help clients move, track and manage cargo. It helps international business-to-business (B2B) freight service providers book containers and track custom clearances, among others, from a single dashboard. It also manages paperwork to ensure seamless cargo delivery internationally, through road, sea and air. 

Goods worth $18.7 trillion are moved across the globe every year. Of this, India trades goods worth $700 billion. A lot of this cargo moves through ships, the firm said.

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“We are creating a centralised system which can help coordinate international freight service providers, transport companies, container freight stations and customs operations,” said Chitransh Sahai, co-founder of Comet. 

The startup was founded by IIT Delhi graduates Sahai, Gautam Prem Jain, Ayush Lodhi and Mehul Katiyar in June 2016. The founding members had co-founded and sold Plat, an online network for real estate agents, to property portal Housing.com in June 2015.

India Quotient typically comes in as a seed or pre-Series A stage investor in tech startups. The fund’s most recent investments include job portal iimjobs.com, online lender focused on the two-wheeler market CreditMate, wealth management app WealthTrust, online retailer FabAlley, SME financing platform Lendingkart and home entertainment firm Creo. 

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“The founders’ ambition to solve customer experience in international trade using technology and automation got us to back them,” said Madhukar Sinha, co-founder and partner, India Quotient. 

“Associating with Comet fits with our proposition of making logistics simple, effective and reliable,” said Rajesh Yabaji, co-founder of BlackBuck. BlackBuck, run by Zinka Logistics Solutions Pvt. Ltd, aggregates trucks for inter-city transport.

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