Logistics-technology startup Freight Tiger on Tuesday said it has raised $8 million (around Rs 55 crore at the current exchange rate) in a funding round led by existing investor Lightspeed Venture Partners.
Alsthom Industries Ltd, which is a cement grinding unit of Dalmia Cement (Bharat) Ltd, and the Pawan Munjal Family Trust also participated in the round, Freight Tiger said in a statement.
VCCircle had reported in May that Alsthom Industries had joined Freight Tiger’s investor pool.
The company said it aims to use the fresh capital to add more customers and leverage the power of artificial intelligence and machine learning to expand its product and technology offerings.
"The current fundraising round and investors’ confidence strengthens our vision to build an operating system that powers the entire logistics and freight ecosystem," said Swapnil Shah, founder and chief executive officer of Freight Tiger.
Operated by Freight Commerce Solutions Pvt. Ltd, the startup was founded in 2014. It provides a platform that connects stakeholders in the supply chain, and updates them on every operation in their workflow.
An alumnus of Harvard Business School, Shah earlier worked at US-based automotive technology firm Dana and logistics venture Caterpillar Logistics Inc.
Freight Tiger had received an investment of around Rs 23 crore from Shriram Transport Finance and Lightspeed two years ago.
Deals in the logistics-tech segment
There have been a number of deals in the logistics-technology segment this year.
In March, Delhivery entered India’s unicorn club after raising $395 million in a Series F funding round led by Japanese conglomerate SoftBank. Private equity firm Carlyle and China's Fosun also invested in this round.
In May, VCCircle reported that Canada Pension Plan Investment Board (CPPIB), the North American country’s biggest public pension fund, was looking to acquire a minority stake in India’s most-valued logistics company.
In May, BlackBuck raised $150 million in its Series D round that was led by Goldman Sachs Investment Partners and venture capital firm Accel.
In the same month, Falcon Edge Capital and Tiger Global Management led a $22 million investment in Locus.
Rivigo is also on the verge of entering the unicorn club. It last raised around Rs 255 crore ($36 million) from existing investors Warburg Pincus and SAIF Partners earlier this year.