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Mumbai Angels Network invests in logistics-tech startup CarterX
Photo Credit: Reuters

CarterX, a logistics-tech firm catering mainly to airline travelers, has raised an undisclosed amount of funding from Mumbai Angels Network, the investor said in a statement.

The company, which is operated by Bengaluru-based CarterPorter Pvt. Ltd, will use the money to scale operations and expand to new locations, continue developing partnerships with airlines, and promote their brand, the statement added.

Currently operational in Hyderabad and Bengaluru airports, CarterX plans to expand to airports in Mumbai, Delhi, Kolkata, and Chennai shortly.

Founded in 2017 by Harshavardhan N and Ramya Reddy N, the startup offers luggage transfer and airport assistance services to and from the airport. The app-enabled platform allows passengers to check in bags from home and travel to and from the airport without their baggage.

“We aim to improve the customer experience by taking the logistical strain away from the airlines and airports and ease the hassle of luggage transport, bag drop and check-in for travelers,” said Harshavardhan.

Catering to both the B2B and B2C segments, the company offers three services—doorstep pick-up and delivery, baggage check-in, and mishandled luggage. The personalised service allows one to track their bag, travel hassle-free, and provides 24/7 support, with complimentary insurance.

“We see businesses enabling tech in the Indian consumer sector to be a strong space to invest and are excited to welcome CarterX to the growing MA Network portfolio,” said Nandini Mansinghka, chief executive and managing director of Mumbai Angels Network, in the statement.

“The travel sector is expanding rapidly and it’s clear that consumers are willing to pay a little extra for convenience. The multifaceted solution that CarterX offers solves a huge problem for frequent fliers and for the airports as well, where they help airlines manage mishandled baggage,” said Adhvith Dhuddu, lead investor at Mumbai Angels.

Mumbai Angels

Started in 2006, the investor network has more than 130 firms in its portfolio and has recorded over 30 exits.

Earlier this week, it led investment rounds in publishing house Leadstart Publishing and in skincare products maker Dr Sheth’s.

Its other investments include fruit snack brand Frubites, specialised diagnostics startup Theranosis, video-based entertainment platform Spoofin and drone startup WeDoSky.

Deals in the segment

BlackBuck, one of the major players in the broader logistics tech category, has been raising capital in multiple tranches at regular intervals since October last year and its valuation has also soared in the process.

Last December, the firm had raised Rs 87.02 crore ($12.43 million then) from existing investors Sands Capital and the International Finance Corporation (IFC), the World Bank’s private-sector investment arm. It was valued at $202-207 million (Rs 1,413.47-1,448.46 crore) in that round.

In April this year, venture capital firm Accel, an existing investor, led a fresh funding round in BlackBuck.

In March, Gurugram-based logistics company Delhivery Pvt. Ltd raised $413 million (Rs 2,890 crore) in a funding round led by SoftBank Vision Fund to become the country’s first logistics-tech unicorn.

In February, Xpressbees, an Alibaba Group-backed e-commerce logistics company, raised Rs 35 crore ($5 million then) in venture debt from InnoVen Capital.

In the same month, Rivigo raised $35.6 million in a fresh round of funding from existing investors Warburg Pincus and SAIF Partners, taking it closer to the unicorn club.

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