WIZ Freight Secures ₹125 Crore in Series B Funding Led by SBI Investment

Chennai-based supply-chain startup, WIZ Freight, has successfully raised ₹125 crore in equity during its Series B funding round. The funding was spearheaded by Japan-based SBI Investment, valuing the company at ₹1,400 crore post-money, reflecting an impressive 50% increase from its last valuation. The round is set to be completed in two tranches.

WIZ Freight, established in January 2020 by serial entrepreneurs Ramkumar Govindarajan and Ramkumar Ramachandran, specializes in assisting exporters and importers in booking and managing their shipments on its platform, providing a seamless experience reminiscent of e-commerce convenience.

The Series B funding, part of a larger round planned to conclude this year, witnessed significant participation from investors such as Tiger Global, NIPPON EXPRESS HOLDINGS, Axilor Technologies Fund, Foundamental, Arali Investments, Unikon Shipping Ventures, and several family offices.

The latest investment will be instrumental in WIZ Freight’s expansion of global operations, particularly in Southeast Asia, the Middle East, and the United States. The company aims to further enhance its technology-driven logistics solutions.

Ramkumar Ramachandran, Co-founder and Chairman of WIZ, expressed the company’s commitment to doubling its workforce at the Tech and R&D Center in Chennai, currently employing around 200 people. In FY23, WIZ Freight reported a revenue of ₹1,325 crore, with expectations to maintain a similar revenue run rate in FY24.

WIZ Freight had previously raised ₹275 crores in a Series A funding round in March 2022, a combination of equity and debt led by Tiger Global. The Series A round involved participation from Axilor Ventures, Foundamental, Arali Ventures, Alteria Capital, and Stride Ventures.

Govindarajan, Co-founder and CEO of WIZ, highlighted the company’s commitment to growth, mentioning a recently signed MoU with the Tamil Nadu government for a proposed investment of ₹300 crore in the state over the next five years. This investment is expected to create an additional 2000 jobs.

WIZ Freight currently boasts a team of approximately 850 employees spread across 30 locations in India and five countries. With a robust network of over 200 carriers and vendors, the startup serves over 1,500 businesses, including industry giants like Adani, Mahindra, and Tata, utilizing the WIZ platform for efficient cargo shipments across land and sea.