Mumbai-based digital freight company Cogoport has received Rs 40 crores as an investment in Series A funding round from Accel Partners. The firm is owned and operated by Cogo Freight Pvt. Ltd. With the latest round of funding, Accel Partners will hold 20% stake in the freight company.
The company aims to build new products and expand its services in India, and other nations. Shekhar Kirani, managing partner at Accel Partners said, “The team has all ingredients for targeting the sizeable global market”.
While Cogoport CEO Purnendu said, “Over the last year, we have been able to validate our firm belief that technology can transform the erstwhile frameworks of freight industry which are opaque by design and inefficiency in the system”.
Currently, bookings on Cogoport are processed using data-driven technology solutions. Previously, the firm has raised $950,000 from a high-net-worth Singaporean in June 2017. Cogoport operations were underway in February 2017.
Cogoport and Accel Partners believe that global logistics business has been highly disorganized and there is a great scope for development in freight category. Accel Partners has already invested in companies like Swiggy, Flipkart, UrbanClap and others.