Bengaluru-based logistics startup LoadShare Networks Pvt. Ltd has raised INR 100 crore in Series B funding led by Singapore-based VC firm, BEENEXT Pte Ltd. The startup is planning to use this fresh capital to invest in technology, deepen business organization, and its geographical expansion. Alongside this, the capital will be utilized in widening its networks and foray its services into various sectors such as fast-moving consumer goods and grocery for essentials delivery, and pharmaceutical delivery.
The UK government-backed finance institution, CDC Group Plc, came on-board as a new investor in this round along with the participation of its existing investors, namely Stellaris Venture Partners, VC firms Matrix Partners, and venture debt firm Alteria Capital.
In 2017, Rakib Ahmed, Raghuram Talluri, and Tanmoy Karmakar founded LoadShare with the mission of offering a range of logistics solutions such as intracity B2C deliveries, and regional intercity services to the B2B distribution logistics ecosystem. It helps SMEs logistics to a pan-India network.
On this occasion, LoadShare CEO Raghuram Talluri said, the new investment is well-timed as it helps LoadShare to deepen its client’s engagement as well as it will also help to invest in technology by strengthening its capability. Alongside this, it will also attract the best talents by expanding geographically and undertaking new initiatives by hyperlocal delivery.
Raghuram added, in the last 2 years, LoadShare has widened its regional footprint towards the northeast region, where the company started its initial operation. To date, it has expanded to more than 400 cities across 18 states, focusing on eastern states. In the past 1 year, LoadShare has created more than 3,000 new jobs around its partner ecosystem, and it will continue doing the same.
BEENEXT founder Teruhide Sato said, LoadShare is operating in a rapidly changing deep $20 billion addressable market. Its logistic services execute across the different logistic segment and tech-enabled small and medium-sized enterprises (SMEs), which made us excited to collaborate with LoadShare.
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