Wiz raises Rs125cr Series B, round led by Japan's SBI Investment
Round also saw participation from Tiger Global, Axilor Technologies Fund, Arali Investments & Unikon Shipping Ventures
(From left) Wiz Freight Co-Founders Ramkumar Ramachandran and Ramkumar Govindarajan.
Wiz Freight, a full-stack digital cross-border supply chain startup, has raised Series B funding of Rs 125 crore in equity led by Japan-based SBI Investment.
The funding came at a post-money valuation of Rs 1,400 crore, an increase of 50 percent in valuation from its last round, says an official release. "The round also saw participation from Tiger Global, Nippon Express, Axilor Technologies Fund, Arali Investments, Unikon Shipping Ventures and a few family offices."
The company plans to grow its global operations in Southeast Asia, the Middle East, and the U.S. with the new investment and enhance its technology-driven logistics solutions, the release added.
Wiz Freight raised a Series A funding of Rs 275 crore ($36 million) in March 2022 in a mix of equity and debt led by Tiger Global with participation from Axilor Ventures, Foundamental, Arali Ventures, Alteria Capital and Stride Ventures.
Founded in January 2020 in Chennai by serial entrepreneurs Ramkumar Govindarajan and Ramkumar Ramachandran, Wiz helps exporters and importers in emerging markets book and manage their cross-border shipments on its tech platform with ecommerce-like convenience. Wiz’s AI-powered platform offers instant capacity discovery, dynamic pricing, optimised routing, door to door tracking, and automated customizable document workflows, the release added.
"By investing in Wiz, a company strong in digital forwarding services in India and other emerging markets, the NX Group will bolster its own global forwarding business and accelerate its DX initiatives," says a statement from Nippon Express.
Ramkumar Ramachandran, Co-Founder and Chairman, Wiz says: “Wiz is set to double its workforce at the tech and R&D centre in Chennai, currently home to 200 employees. The primary focus is on scaling up the tech platform for enhanced efficiency. The tech team has demonstrated agility with the successful launch of Eylrx.AI, showcasing a commitment to cutting-edge tech products. More innovations are already in the pipeline.
“With a current presence in five countries, WIZ is gearing up to expand into five more countries with 10 new locations across Saudi Arabia, Vietnam, China, Malaysia, and parts of Europe. 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."
WIZ reported a revenue of Rs 1,325 crore for FY23, a 300 percent increase from FY22, and WIZ is expecting to maintain a similar revenue run rate in FY24.
"WIZ has recently signed a MoU with the Tamil Nadu government for a proposed investment of Rs 300 crores over the next five years and is expected to create 2,000 more jobs,” says Ramkumar Govindarajan, Co-Founder and CEO, WIZ.
Wiz currently has a team of ~850 employees across 30 locations in India and five countries outside of India, the release added.
Future plans
Wiz plans to raise another round of funding - $15 million - in the next 6-7 months, and revenue is seen crossing the Rs 2,000 crore-mark in FY2025.
The company is planning an IPO in the coming four-five years.