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Smart third-party logistics service gets $2,50,000 in funding from HNIs
Genie, a city-based smart logistics platform for individuals and businesses, resumed its operations in Chennai and relaunched its mobile app, after one round of fundraising worth $2,50,000 came through from local and Dubai-based HNIs.
The Indian logistics industry is worth about $300 billion. Of this, the third-party, last-mile logistics market is worth about $130 billion. The value of the outsourced segment of this market is pegged at $61 billion.
That’s the pie Genie is eyeing. The last mile logistics service can be used for collecting cheques and documents, lunch from home to office, grocery, medical reports, medicines, cakes and even food. Rakesh Mani, Sreekesh Krishnan and Parth Shah are the co-founders of the outfit. Mani said, “We garnered traction in Chennai, a relatively conservative market and are looking to create a platform that provides an ecosystem to benefit businesses, consumers and delivery agents.”
On the enterprise end, the company aids in boosting a business’s logistical reach in the city, by executing deliveries as per ticket size, average distance and helping their products reach customers. The company is working with more than 150 clients including Kolapasi, Cake Walk, Shree Mithai, Green Goblin, Jallikattu, Patanjali, Ferns n Petals, Zahana, Gold Winner, etc. The company has also partnered with Zomato, Amazon, FoodPanda and Swiggy to take care of their delivery needs on a needbased model.
The firm is keen on getting operationally profitable with the current cost in the next 8-12 months along while creating supplementary products and sources of income. Presently, they service about 250-300 orders per day. The team is aiming to touch 2,500-3,000 orders per day by the end of this fiscal.