Bangalore-based Loadshare Networks Private Limited, which operates a tech platform catering to small and medium-sized enterprises in the logistics space, has raised an undisclosed amount in its first round of institutional funding from Matrix Partners.
The startup will use the funds to expand the team and build a technology platform for logistics SMEs, which are increasingly adopting technology to improve existing business operations, transact with new customers, and expand their network reach, Matrix Partners said in a statement.
“SMEs in India are adopting technology rapidly and we believe SaaS-enabled marketplaces are a great approach to providing value to the Indian SME,” Vikram Vaidyanathan, managing director at Matrix Partners India, stated.
However, documents filed with the Ministry of Corporate Affairs reveal that in March this year, the company received Rs 5.58 crore ($864,000) through the issue of 3,170 seed series of shares with a total subscription value of Rs 17,608 (including a premium of Rs 17,598). It is not clear whether this is the final targeted sum or part of a larger funding round.
E-mail queries, messages and phone calls to Raghuram Talluri, the co-founder and chief executive of Loadshare, did not elicit a response at the time of filing this copy. The report will be updated as and when we get the responses.
Loadshare was founded in 2017 by Talluri, Tanmoy Karmakar and Rakib Ahmed. The company offers an array of technology-based solutions for SMEs in the logistics space including a tech platform, operations know-how, access to customers (e-commerce and other distribution networks) 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 startup covers more than 2,000 pin codes across the country including North East and East India and plans to add more pin codes.
“We see a big upcoming change in the logistics sector over the coming decade and at the heart of this change is the logistics SME,” Talluri said in the statement.
An IIT and IIM alumnus, Talluri had previously served as vice president of customer experience at Flipkart-owned fashion portal Myntra. In his earlier stints, he worked at consulting firms McKinsey & Co. and Accenture. Co-founders Karmakar, an engineer with expertise in logistics technology solutions, and Ahmed, an economics graduate, previously founded Lunate Technologies, a startup that offers hardware for last-mile solutions to the logistics industry.
Recent funding deals in the logistics space include Mumbai-based Emiza, which last month raised $4.5 million in its first round of funding led by venture capital firm Mayfield Fund.
In the same month, Pune-based Ntex Transportation Services Pvt Ltd raised $7 million (Rs 45.5 crore) as part of a Series A round from Kalaari Capital Advisors Pvt Ltd and Norwest Venture Partners.