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Loadshare secures $40 million in a funding round

Loadshare, a logistics platform, announced that it had secured $40 million (about Rs 300 crore) in a funding round headed by Tiger Global. 

Filter Capital, 57 Stars, CDC Group and Matrix Partners India, and a few iconic family offices, were among the investors in the round. 

The Bengaluru-based firm intends to increase its hiring, develop logistics technologies, and add additional electric vehicles to its fleet. The company promises to be asset-light and specializes in regional freight transportation for digital companies like Swiggy, Flipkart, Amazon, and FMCG corporations such as Hindustan Unilever and Procter & Gamble.

LoadShare said it had expanded its scope of operations since its previous funding round in March 2020, now having a significant presence in quick delivery of food and grocery, as well as dark store operations, in addition to its original business lines of regional ecommerce and partial truckload operations. 

The company began operations in the country’s northeast region, delivering things to clients’ doorsteps. 

Raghuram Talluri, its co-founder and CEO, claimed his company helps reduce the cost and time it takes to transport goods to customers. It has partnered with small and medium-sized logistics companies to enable its services.

Since the outbreak, the company has expanded its activities from major cities to tiny towns. It transports over 400 tonnes per day in regional trucking across 18 states, delivering over 2,50,000 orders per day on the last mile. 

Talluri, Pramod Nair, and Rakib Ahmed founded Loadshare in 2017 to provide various logistical solutions. 10-minute rapid commerce, 30-minute food delivery, intraday ecommerce deliveries, and regional trucks to warehouses are some of these services.

“Now is perhaps the most exciting time to be in supply chain operations in India,” said Talluri. “From quick commerce to enterprise supply chains, the logistics industry is undergoing a massive transformation. We have been able to scale up 5X from our Series B scale due to strong macro tailwinds and staying close to our customers.”

“LoadShare’s technology enables India’s SME logistics providers to act as one, creating a national transport network with low cost and high flexibility,” said Griffin Schroeder, partner, Tiger Global.

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BRL Editorhttps://businessreviewlive.com
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