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Chennai-based supply chain startup Wiz Freight raises Rs 125Cr led by SBI Investment

Wiz Freight, a supply chain startup headquartered in Chennai, has secured Rs 125 crore (approximately $15 million) in its Series B funding round, spearheaded by Japan-based SBI Investment. Joining the investment were prominent entities including Tiger Global, NIPPON EXPRESS HOLDINGS, Axilor Technologies Fund, Foundamental, Arali Investments, Unikon Shipping Ventures, and various family offices. This funding round has propelled Wiz Freight’s post-money valuation to Rs 1,400 crore (almost $170 million), showcasing a remarkable 50% surge from its previous valuation.

With a focus on expanding its presence globally, Wiz Freight intends to utilize the fresh capital to extend its reach to Southeast Asia, the Middle East, the US, and additional target countries including Saudi Arabia, Vietnam, China, and Malaysia. The startup is dedicated to advancing its technology-driven logistics solutions and plans to double its workforce at the Tech and R&D Center in Chennai, presently housing 200 employees.

In its efforts to facilitate efficient shipment management, Wiz Freight has recently acquired the India leg of M+R Spedag Logistics and ATZ Shipping, signaling its strategic expansion in the logistics and warehousing sector through incremental acquisitions. The startup aids exporters and importers in booking and overseeing their shipments.

Furthermore, Wiz Freight has partnered with the Tamil Nadu government, underscoring its commitment to the region’s development. Founded in January 2020 by Ramkumar Govindarajan and Ramkumar Ramachandran, the startup has pledged to invest Rs 300 crore over the next five years, with plans to generate 2,000 job opportunities. Wiz Freight presently boasts a team of approximately 850 employees spread across 30 locations.

Co-founder and Chairman Ramkumar Ramachandran, said, “Wiz is set to double its workforce at the technology and research and development centre in Chennai, currently home to 200 employees. The primary focus is on scaling up the technology platform for enhanced efficiency.”

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