Mumbai, May 4 (PTI) Logistics platform Loadshare Networks has raised Rs 100 crore in Series-B funding from investors led by Beenext, with participation from the CDC Group of Britain and existing investors like Matrix Partners India, Stellaris Venture Partners and Alteria Capital.
The startup will utilise the funds to expand its network and make a foray into new sectors like pharmaceuticals, fast-moving consumer goods (FMCG) and groceries, the company said in a statement on Monday.
The funding will help us deepen our engagement with clients and continue building capabilities through investments in technology, attracting talent, geographical expansion and entering hyperlocal delivery and groceries, Raghu Talluri, the chief executive of Loadshare said.
Over the past two years, Bengaluru-based Loadshare has increased its regional footprint beyond the north-east, where it first started operations, to over 400 towns across 18 states now with a focus on the eastern states.
The CDC Group of Britain has co-invested in Loadshare alongside Stellaris Venture Partners, which has been an early investor in the startup launched in 2017.
Loadshare focuses on e-commerce logistics to serve small and medium-sized enterprises (SME) in non-e-commerce businesses such as regional trucking and distributor/brand to store logistics.
Logistics is a major cost of business in India and this investment demonstrates our continued goal to support increased market access for small businesses and provide economic opportunities for low-income workers in some of the most remote regions, said Srini Nagarajan, head of CDC Group Asia.
Stellaris has been an early investor in Loadshare. Their model of building a country-wide logistics network by enrolling smaller, regional logistics service providers as franchisee partners is unique, and allows them to build a highly capital efficient, asset less logistics company, Alok Goyal, Partner, Stellaris Venture Partners said.
According to Rajinder Balaraman, a director at Matrix India, LoadShare is playing a very significant role in ensuring supply chain continuity. With their model of working with SMEs, they provide customers flexibility and reach at lower cost. These are important differentiators especially in small towns.