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Freight Tiger raises USD 8 mn in fresh round of funding

Press Trust of India  |  New Delhi 

Logistics technology start-up Freight Tiger Tuesday said it has raised USD 8 million (about Rs 55 crore) from investors, led by Lightspeed Venture Partners along with Alsthom Industries and Pawan Munjal Family Trust.

The Mumbai-based business-to-business firm said after the fresh funding round, it plans to expand product and technology through artificial intelligence (AI) as well as machine learning and build industry-specific AI extensions on the platform.

"The current fundraising round and investors' confidence strengthen our vision to build an operating system that powers the entire logistics and freight ecosystem," Freight Tiger Chief Executive Officer and founder Swapnil Shah said in a statement.

Lightspeed India Managing Director Bejul Somaia said in the past couple of years, there has been 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.

Freight Tiger (FT) said it has over 170 customers, including large players such as Saint Gobain, JSW Steel, Apollo Tyres and leading logistics companies such as BLR Logistiks.

Freight Commerce Solutions Pvt Ltd, the parent company of FT had earlier received seed investment from Shriram Transport Finance Corporation and Mathew Cyriac -- former co-CEO of Blackstone's India Office.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, July 02 2019. 17:20 IST