The company said the funds will be used to deepen clientele, invest in technology as well as look at geographic expansion. It also plans to utilise 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 Raghu Talluri, chief executive, LoadShare.
Over the past 12 months, the startup has created over 3,000 new jobs across its partner ecosystem and will continue focusing on this, he added.
LoadShare also helps 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 $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 Teruhide Sato, founder and managing partner, BEENEXT.
Over the last two years, LoadShare has increased its regional footprint beyond the northeast, where the company first started operations. It has expanded to 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." Srini Nagarajan, managing director and head of Asia, CDC Group PLC, said.
LoadShare said it has built 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.
Co-founded in 2017 by Talluri, Pramod Nair and Rakib Ahmed, Loadshare offers a range of solutions including hyperlocal, intracity B2C deliveries, as well as regional intercity solutions to the B2B distribution logistics ecosystem.
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