Stride Ventures has added another new-age startup to its already stellar portfolio and are the first venture debt lender to Wiz Freight.
Wiz Freight, a full-stack digital freight forwarder offering door to door international freight solutions to importers and exporters, today received a funding of INR 20 Cr. With this, Stride Ventures has added another new-age startup to its already stellar portfolio and are the first venture debt lender to Wiz Freight.
Wiz Freight uses its proprietary technology platform to offer end-end shipment management solutions including price discovery, booking management, shipment tracking, documentation, shipment finance and customer support. The company offers solutions across ocean, air and road freight. In addition to traditional freight forwarding services, Wiz also provides value added services such as door pick-up and delivery, custom clearance, road logistics, warehousing, etc. The company caters to mid and large corporates with a focus on the energy, manufacturing, and consumer sectors.
Digital supply chain solutions are becoming increasingly more important in the modern day shipment industry. Commenting on the funding, Mr. Ishpreet Singh Gandhi, Founder – Stride Ventures, said “Wiz Freight has been successful in growing consistently and on boarding key corporates while sustaining margins in a highly volatile freight market. In spite of the pandemic affecting the wider freight and logistics industry, the large-scale digitization has led to newer solutions. With Wiz, we are very keen and excited to be a part of their journey towards expanding global reach and creating disruptions in the international supply chain.”
Sharing his thoughts on this development, Mr. Ramkumar Govindarajan, Co-founder – Wiz Freight, said “Cross-border shipping has been the backbone of global trade and the last 2 years have seen unprecedented disruptions in the international supply chain driving prices and inventory shortages. We have been able to help our customers minimize disruptions with better visibility, planning and real-time shipment control using our tech-platform. We have grown 25x in the last 12 months and have established a presence across 10 Indian cities. We are planning to invest in hiring, tech development and global expansion in 2022. We are happy to partner with Stride Ventures in this journey.”
Since its commencement, Stride Ventures has focused on investing in market leaders across sectors. Through its myriad of financial products Stride Ventures provides comprehensive tailor made credit solutions to new age startups and is quickly becoming a one-stop shop for all financial requirements. Having been one of the most active venture debt companies this year, the total commitments have crossed INR 1000 crores in portfolio companies across both its debt funds.
Source: Business World