Digital freight forwarding startup Freightwalla has raised $4 million (roughly ₹28.70 crore) in Series A funding. It is significant that the startup had raised its seed funding only last year. The present funding has been led by Amplo, FJ Labs and Rogue One Capital, all global venture capital firms. Existing investors Kae Capital and Tekton Ventures have also participated in this round.
Freightwalla’s customers are facilitated to plan, book and manage their international freight shipments online on its digital platform.
Freight forwarding businesses have been by and large run on the traditional pattern where a new customer or even an existing customer has to contact by telephone or via email to know the rates for their shipments. It is only after a lot of communications back and forth that they will be able to obtain a quotation. Freightwalla has changed this pattern and in a matter of seconds, customers are able to obtain the cheapest rates for shipping their consignments.
It also helps in bringing down the errors that creep in while being handled by the staff at both ends, the customer’s and the freight forwarder’s. The digital platform has integrated several aspects of the shipping cycle including the sailing of vessels, transhipments being done etc. There is a provision to do real-time tracking of the consignments. This enables the shipper to keep the consignee informed of the expected delivery schedule. These facilities indirectly help the customers maintain cordial relationships with their overseas buyers.
Freightwalla claims it has seen a quantum leap in its business ever since it raised its seed funding and there has been an increase in business volumes by nine times. Their own staff strength has gone up five times and revenue eight times. The funds now raised will be utilised in expanding the business geographically and to improve the technological aspects of their platform. Freightwalla has been largely confined to the western parts of the country and is hoping to reach the other parts soon. The industrial sectors the company is present in include pharmaceuticals, engineering and manufacturing, homewares, textiles, food & agricultural products and others.