MUMBAI: Business-to-business logistics startup Freight Tiger on Tuesday said it has raised $8 million in a funding round led by existing investor Lightspeed Venture Partners.
Alsthom Industries, the cement grinding unit of Dalmia Bharat Cements Ltd, and the Pawan Munjal Family Trust also participated in the round.
Founded in 2014 by Swapnil Shah, Freight Tiger operates a mobile app, which focuses on end-to-end supply chain, and work with logistics service companies, transporters and consigners. Its customers include glass-maker Saint Gobain, JSW Steel and Apollo Tyres.
The startup had raised $2 million from Lightspeed in 2017.
Bejul Somaia, managing director, Lightspeed India, said: “The past couple of years has seen rapid technology adoption by Indian enterprises and Freight Tiger has been at the forefront of powering supply chains for some of India’s largest companies through its depth and breadth of software products."
The startup plans to use the funds to connect with more customers, expand its product and technology through artificial intelligence, as well as machine learning, and build industry-specific AI extensions on the platform, the company said in a statement.
Lightspeed’s investment comes at a time when freight and logistics-based startups have seen heavy investor traction in recent times.
On 1 May, Mint had reported that online freight service provider BlackBuck had raised $150 million ( ₹1,050 crore) in a Series D round led by Goldman Sachs Investment Partners and Accel Partners, at a valuation of $950 million.
Trucking logistics startup Rivigo is the other major venture capital-backed player in the space; it counts SAIF Partners and private equity firm Warburg Pincus as investors. Rivigo was valued at over $1 billion earlier this year when SAIF and Warburg had invested $40 million.
Last December, logistics startup Freightwalla had raised an undisclosed amount from venture capital firms Kae Capital and San Francisco-based Tekton Ventures.