Indian Economy News

Logistics startup LoadShare raises Rs 100 crore led by BEENEXT, others

LoadShare Networks, a logistics startup, has raised a Series B funding round of Rs 100 crore (US$ 14.19 million) led by BEENEXT along with participation from CDC Group.

The participant in this round included the existing investors Matrix Partners India, Stellaris Venture Partners and venture debt providers Alteria Capital.

These funds will be utilised by the company to deepen clientele, invest in technology as well as look at geographic expansion. It also intends to use the proceeds to expand its network and foray into sectors such as pharmaceuticals, fast moving consumer goods, and grocery for delivery of essentials.

“This investment is timely as it helps us deepen our engagement with clients and continue building capabilities through investments in technology, attracting the best talent, geographic expansion and undertaking new initiatives (especially, hyperlocal delivery and movement of essentials)," said Mr Raghu Talluri, chief executive, LoadShare.

He added that in the past 12 months, the startup has created over 3,000 new jobs across its partner ecosystem and will continue focusing on this.

The company also provide help to small and medium enterprises (SME) in logistics with technology, operations know-how enabling them with a pan-India network.

“LoadShare is operating in a deep US$ 20 billion addressable market, which is undergoing a fundamental change. LoadShare’s execution across different logistics segments, enabled by their tech enabled marketplace model working with SMEs makes it exciting for us to partner with them," said Mr Teruhide Sato, founder and managing partner, BEENEXT.

LoadShare has expanded its regional footprint beyond the northeast, where the company first started operations in the last two years. It has reached 18 states and over 400 towns, with focus on eastern states.

“Logistics is a major cost of business in India and this investment demonstrates our continued goal to support increased market access for small businesses and provide economic opportunities for low-income workers. We recognised in Loadshare, an opportunity to deliver greater impact through its technology-enabled, asset-light platform." Mr Srini Nagarajan, managing director and head of Asia, CDC Group PLC, said.

LoadShare said it is developed on its expertise in e-commerce logistics to serve clients in non-e-commerce businesses (CPG, industrials) in a variety of areas such as regional trucking and distributors or brands to store logistics.

The company was co-founded in 2017 by Mr Talluri, Mr Pramod Nair and Mr Rakib Ahmed. It provides a range of solutions including hyperlocal, intracity B2C deliveries, as well as regional intercity solutions to the B2B distribution logistics ecosystem.

 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.