India-based B2B logistics firm Loadshare has raised US$40 million in a Series C funding round led by New York-based investment firm Tiger Global.
The latest funding round has come after Loadshare had raised US$13 million in Series B round from BEENEXT and CDC Group in March 2020. Since then the company has expanded its scope of operations to now have a substantial presence in quick delivery of grocery and food, and dark store operations, besides the original business lines of a regional ecommerce and partial truckload operations.
The startup plans to invest the fresh funding in hiring new talent, building logistics technology and adopting more electric vehicles as an addition to its fleet. Loadshare claims to operate an asset-light business and majorly focuses on regional transportation of goods for tech companies such as Flipkart, Siwggy, Amazon, and FMCG companies like Procter & Gamble and Hindustan Unilever.
Loadshare co-founder and CEO Raghuram Talluri said, “Now is perhaps the most exciting time to be in supply chain ops in India. From quick commerce to enterprise supply chains, the logistics industry is undergoing a massive transformation.”
“LoadShare’s technology enables India’s SME logistics providers to act as one, creating a national transport network with low cost and high flexibility” said Griffin Schroeder, partner, Tiger Global.
Founded in 2017 by Rakib Ahmed, Pramod Nair, and Raghuram Talluri, Loadshare offers an array of solutions including hyperlocal and intracity B2C deliveries, as well as regional intercity solutions to the B2B distribution logistics ecosystem.
In the B2B logistics segment, the Bengaluru-based startup competes with the likes of Ecom Express, Rivigo, Delhivery, and BlackBuck.
Since the beginning of the COVID-19 pandemic, Loadshare has diversified operations across the country that includes both metro cities and small towns. The company claims that it delivers over 250,000 orders per day on the last mile and more than 400 tonnes per day in regional truckload across 18 states of India.