Loadshare Networks Pvt. Ltd, which operates a technology platform for small and medium-sized enterprises in the logistics sector, has raised Rs 100 crore ($13.3 million) in its Series B round of funding.
Singapore-based venture capital fund Beenext led the round, according to a press statement. CDC Group Plc, the UK government’s development finance institution, came on board as a new investor.
The logistics-tech firm’s existing backers—VC firms Matrix Partners and Stellaris Venture Partners, and venture debt firm Alteria Capital—also participated in this round.
Loadshare said it aims to use the fresh capital to expand its network and foray into sectors such as pharmaceuticals, fast-moving consumer goods and grocery for delivery of essentials.
Srini Nagarajan, managing director and head of Asia at CDC, said this investment is part of its aim to support increased market access for small businesses and provide economic opportunities for low-income workers in India.
Loadshare claims to have increased its regional footprint over the last two years beyond the northeastern region, where it first started operations, to 18 states and over 400 towns.
“Over the past 12 months, we have been able to create more than 3,000 new jobs across our partner ecosystem, and we will continue focusing on this aspect as we grow further,” said Raghu Talluri, CEO at Loadshare.
The company was founded in 2017 by Talluri, Tanmoy Karmakar and Rakib Ahmed. It offers an array of technology-based solutions for SMEs in the logistics segment including a technology platform, operational know-how, access to customers, besides providing guidance on business development and branding.
Loadshare also offers other services, ranging from first-mile, line-haul and last-mile deliveries to modular logistics software solutions.
The company had raised an undisclosed amount in its first round of institutional funding from Matrix in May 2017. In 2018, it brought on board Stellaris as an investor. Last year, it raised debt capital from Alteria Capital.
The company recorded a big jump in its revenue in 2018-19. It posted net sales of Rs 30 crore for the year as against Rs 3.4 crore the year before, as per VCCEdge, the data research platform of Mosaic Digital.
Deals in the logistics-technology segment
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.
Last month, RoboticWares Pvt. Ltd, which runs logistics management startup FarEye, raised around Rs 185 crore in its Series D funding round led by Microsoft’s corporate venture fund, M12.
In December last year, Freightwalla had raised $4 million in its Series A funding round from a clutch of investors.
In November, Blackbuck raised Rs 56 crore in equity and debt funding. The same month, Info Edge (India) Ltd, which owns and operates portals such as job site Naukri.com, led a pre-Series A funding round in the digital logistics platform Shipsy.
In May, logistics management startup Locus raised around Rs 196 crore in its Series B funding round led by Falcon Edge Capital and Tiger Global Management LLC.