Logistics tech startup Freight Tiger racks up $8M from Lightspeed, others
B2B logistics technology provider Freight Tiger has raised $8 million (around Rs 55 crore) in Series A funding led by Lightspeed Venture Partners, along with participation from Dalmia Group’s Alsthom Industries and Hero Group’s MD Pawan Munjal Family Trust.
The Mumbai-based firm offers a technology platform for real-time consignment tracking by integrating into the systems of the consigner, third-party logistics service provider as well as the consignee. It’s solution can track orders from the time an order is placed to the time of invoicing.
Freight Tiger plans to utilise the funding to strengthen its product offering by building sector specific customisations, apart from growing its team and expanding to markets outside India. The company currently has 170 live customers including Saint Gobain, JSW Steel and Apollo Tyres.
“Part of the capital will go towards team and geographic expansion. However, the main focus would be to enhance the offering by building industry-specific products,” said Swapnil Shah, founder and CEO of Freight Tiger. “We’re also planning to add rail, ocean and air freight tracking to the mix and plan to go international sometime early next year.”
The company is also looking at using AI and ML to add a layer of intelligence for its customers who are slowly rolling out the product across the entire organisation.
Previously, the company had raised an undisclosed amount of seed funding from Shriram Transport Finance Corporation and Mathew Cyriac – former Co-CEO of Blackstone’s India Office.
“The past couple of years has seen rapid technology adoption by Indian Enterprises and Freight Tiger has been at the forefront of powering supply chains for some of India’s largest companies through its depth and breadth of software products,” said Bejul Somaia, Managing Director, Lightspeed India.
