CHENNAI: Wiz Freight, a full-stack digital cross-border supply chain startup, has raised Series B funding of Rs 125 crore in equity led by the Japan-based SBI Investment at a post-money valuation of Rs 1,400 crore registering a 50 per cent jump in the valuation from its last round.
The current fund raise, to be done in two tranches, is a part of the larger round which the company intends to close this year. The round also saw participation from Tiger Global, Nippon Express Holdings, Axilor Technologies Fund, Foundamental, 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 US with the new investment and further enhance its technology-driven logistics solutions. 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 e-commerce-like convenience.
Ramachandran said, “Wiz is set to double its workforce at the tech and R&D centre in Chennai, currently home to 200 employees.”