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SaaS platform Freightify has raised $12 million in a Series A round of fundingled by Sequoia Capital India along with the participation of TMV and Alteria Capital.
The round also saw participation from its previous investors Nordic Eye Venture Capital and Motion Ventures.
The funding round involves a mixture of equity and debt. Freightifyhelps power the digital transformation of Freight forwarders through their suite of proprietary products. The company has previously raised $2.5 million in funding, bringing the total to $14.5 million raised so far.
The company will use the funding to strengthen product offerings and add new functionalities, expand the sales presence globally, build channel partnerships, strengthen marketing to drive growth, and increase its brand awareness globally as they expand into new geographies and segments.
They will be actively hiring across geographies, especially Chennai.
Raghavendran Viswanathan, CEO, Freightify, said, “Our mission is to democratise technology for freight forwarders. We solve their challenges through our comprehensive SaaS platform giving them and their customers a live pricing platform like the ones used by travellers to compare airfares, showing real-time rates on a single screen.”
Viswanathan added, “We have a highly skilled product and engineering team that can deliver a strong product roadmap and salespeople on the field with deep experience in the freight industry. We are building out a strong marketing function that can drive growth as we expand to geographies across the globe.”
Mayank Porwal, VP, Sequoia India, said, “The freight forwarding industry is a cornerstone of the global trade economy and despite the massive size, much of the industry remains constrained by manual processes and runs on paper, excel sheets, and phone calls.”
Porwal added, “Freightify, a vertical SaaS platform, is solving this problem by helping freight forwarders automate rate management and make everyday operational workflows fast and efficient so that they can focus on serving their customers and growing their business. We are glad to be a part of this journey with Raghav and the team at Freightify.”
Company profile
Freightify’s SaaS platform allows freight forwarders to procure, manage and quote freight prices (including all possible ancillary charges) in less than 2 minutes.
The platform allows any forwarder to create a digital storefront to serve their customers better. In addition to this, it includes track and trace solutions that help freight forwarders in getting live locations of vessels and automated milestones within seconds.
Freightify was founded in 2016 by Raghavendran Viswanathan who has experience working in logistics, supply chain and freight management with companies including DHL and Panalpina.
Headquartered in Singapore with a development team in Chennai, Freightify started as a marketplace for freight forwarders to conveniently search, book and track freight. This experience in automating sea freight paved the way for a SaaS pivot.
The company’s management and senior staff come from backgrounds including SaaS start-ups like Freshworks and GoFrugal, logistics tech startups like Fourkites and Trimble, shipping lines like Maersk and MSC, Large forwarders and logistics companies like CON-LINQ ApS, Dachser Denmark and Wiz as well as Big 4 consulting firms like BCG.
Freightify has been expanding across Europe, Australia and key regions in Asia Pacific, and is now focused on growing in North America.
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