Singapore-based logistics technology platform Ezyhaul has raised $16 million (Rs 109.35 crore at current exchange rates) in its Series B funding round, the company said in a statement.
The startup did not disclose the identity of the investors who participated in the round.
The company, whose Indian arm is Mulura Logistics Pvt. Ltd, said it will use the fresh capital to expand its operations in South Asia as well as scale up its technological platform and products.
Ezyhaul entered India last year after raising $5 million in its Series A funding round. The company was founded in 2016 by Raymond Gillon, Nicky Lum, and India's Mudasar Mohamed. The three are former employees of the US-based logistics firm Uti Worldwide.
The company’s platform connects medium and large businesses with logistical requirements to providers. Clients can make online bookings for both domestic and cross-border transportation services.
Some of Ezyhaul’s product features include invoicing and electronic proof of delivery, electronic documentation, real-time tracking and tracing visibility and dynamic route optimisation. Clients can also access online analytics.
The company claims that it has transported more than 50 million kilogrammes of freight in 2018 and says its clients include entities such as Reliance Industries, Exide Industries, Coca Cola, DHL and DB Schenker.
Investor interest in the logistics technology segment has increased in recent months as startups seek to provide new-age services at scale and affordable prices.
Earlier this month, logistics platform Freight Tiger said it had 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.
Similarly, internet of things-based Intugine Technologies Pvt. Ltd raised capital from Inflection Point Ventures. In May, logistics management startup Locus raised $22 million (around Rs 196 crore) in its Series B round funding round led by Falcon Edge Capital and Tiger Global Management LLC.