Mumbai-based technology enabled logistics service startup Wow Express, has raised Rs 15 crore in a pre-series A round of funding led by US-based investors. The round was also participated by Existing investor Tamarind Family Private Trust.
Wow Express was founded in January 2015 by Jayesh Kamat, Mazhar Faruqi and Sandeep Padoshi. The startup is a technology led, customized logistics solutions provider firm currently present in 20 cities. It currently processes about 350,000 shipments every month and has been witnessing a quarter-on-quarter growth of over 100%.
Padoshi, director of WOW Express said,
“We target to be in 50 cities with 100 branches and processing 10 lakh shipments by the end of this year. This round will help us achieve geographical expansion and enhance our technology”
Being the pioneers in sports bicycle based deliveries, the company intends to expand their ‘Wow Rush’ service also across the country. “Sports bicycle based delivery is gaining momentum and we believe that there is a need for a sustainable means of delivery, especially for the small parcel deliveries,” said Padoshi.
Wow Express had previously raised US$500,000 from Tamarind Family Private Trust, owned by Onida co-promoters, Mansukhanis.
There have been other startups busy raising funding in the logistics space. Bangalore-based Locus had raised $2.75 Million (INR 18.3 Crore) in Series A funding led by Exfinity Venture Partners. DTDC Express picked up 20% stake in Gurgaon-based logistics service provider Shipsy. Qikship, an on demand logistics startup has raised $200,000 in angel round of funding. According to Assocham, Indian logistics market will be a $307 billion market by 2020.