Loadshare Networks Pvt. Ltd, which operates a technology platform for small and medium-sized enterprises in the logistics sector, has raised its Series C round of Rs 300 crore ($40 million) led by US-based hedge fund Tiger Global Management.
The company plans to use the fresh funds for hiring more talents, building SME logistics tech, deepening EV push, and boosting regional logistics and warehousing network to enable faster deliveries.
“We have been able to scale up 5X from our Series B scale due to strong macro tailwinds and staying close to our customers. We also unlocked other tech driven, non-linear growth opportunities for SME truckers and delivery boys, in addition to the core ops engine,” said Raghuram Talluri, Co-Founder and CEO at LoadShare.
Since the company’s Series B round in March 2020, LoadShare claims to have has expanded its scope of operations in quick delivery of food, grocery, dark store operations in addition to their original business lines of regional e-commerce and regional part truck load operations for enterprises.
The company claimed it has been delivering over 2.5 lakh orders per day on last mile and over 300 tonnes per day in regional trucking across more than 18 states.
“LoadShare's technology enables India’s SME logistics providers to act as one, creating a national transport network with low cost and high flexibility" said Griffin Schroeder, partner at Tiger Global.
“LoadShare’s capable, execution-oriented team, led by Raghu, Pramod and Rakib have developed a unique logistics network that its customers view as mission-critical and core to their businesses, all the while paying close attention to cost efficiencies, sustainability, and scale potential,” said Sumit Sinha, managing Partner at Filter Capital.
Mid-market investment bank DC Advisory India is said to have advised Loadshare Networks on the said transaction.
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.
The company raised Rs 100 crore in its Series B round of funding in early 2020, and 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. In 2019, it raised debt capital from Alteria Capital.
There has been a steady stream of investments in companies operating in the logistics-tech space in the past few years. Both investment firms and companies have made bets in this sector.
In June last year, LocoNav Inc had raised $37 million as part of its Series B funding round; and GoBolt raised $20 million (Ras part of its Series B funding round led by new investor Paragon Partners and existing investor Aavishkaar.
In May, FarEye had raised $100 million as part of its Series E funding round led by Silicon Valley-based venture capital firm TCV and San Francisco-based growth-oriented investment firm Dragoneer Investment Group.