Wiz Freight (Radar Ventures Pvt Ltd), a digital cross-border supply chain startup, has raised Rs 125 crore Series B funding led by SBI Investment and Nippon Express, the company said on Wednesday.
Established in 2020, Wiz Freight helps exporters and importers in emerging markets book and manage their cross-border shipments on its technology platform.
Wiz Freight is gearing up for expansion including Saudi Arabia, Vietnam, China, Malaysia and parts of Europe.
"The company plans to raise the Series B round in two tranches. The current fund raise is a part of the larger round which the company intends to close this year", the Chennai-based company said in a press release.
Ambit was the financial advisor to Wiz Freight on the Series B fund raise.
Wiz Freight plans to grow its global operations in Southeast Asia, the Middle East, and the United States with the new capital and further enhance its technology-driven logistics solutions.
"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," said co-founder and Chairman Ramkumar Ramachandran.
"Wiz, with a current presence in five countries is gearing up to expand into five more countries with 10 new locations." he said. Wiz has acquired the India leg of M+R Spedag Logistics and ATZ Shipping and is looking to expand in the logistics and warehousing space via small and medium acquisitions, he said.
The company currently has a team of about 850 employees across 30 locations.
