Freight Tiger, a digital freight network, on Saturday said it has raised $6.5 million, led by Florintree Infra. The round also saw participation from Oyo founder Ritesh Agarwal’s family office Aroa Ventures, and existing investors Lightspeed India Partners, Moonstone Investments, and Pawan Munjal Family Trust.
Founded by Swapnil Shah, Freight Tiger has over 300 shippers and 4,000 transport companies on its platform. Clients include Saint Gobain, Dalmia Group, JSW Steel, BLR Logistiks, Patanjali, Kohler, and MRF.
Shah, founder & chief executive, Freight Tiger, said, “We are excited to leverage Mathew’s expertise in the logistics industry and scaling companies. We have seen rapid acceleration in adoption over the last 12 months on our software platform and digital freight network. We today process close to 4% of India’s FTL volume on our software platform. Our differentiated approach of software led end-to-end digitisation is bringing the ecosystem together and making the $125 billion Indian freight market more seamless, collaborative, and transparent. We are on track to hit $100mn in annualised gross revenue by the end of this fiscal year.”
Mathew Cyriac, executive chairman, Florintree Advisors, said, “Freight Tiger is well-positioned to transform the very complex Indian logistics sector in the next few years.”
Source: Mint