Tech-enabled logistics startup LoadShare has secured Rs 100 crore in a funding round led by Beenext. CDC Group and existing investors — Stellaris Venture Partners, Matrix Partners, and Alteria Capital also participated in the round.
This comes less than a year after the two-year-old company raked in an undisclosed amount from a group of angel investors in July. Prior to that, it had raised $5 million in its Series A round led by Stellaris Partners in April 2018.
These fresh funds for LoadShare come in the backdrop of logistics businesses being hit due to the ongoing nationwide lockdown with only essential items being allowed, causing a down downfall in revenue for the past 40 days.
The Bengaluru-based company will deploy the fresh capital towards strengthening its ‘essentials’ supply chain networks in the pharmaceuticals, fast-moving consumer goods (FMCG), and grocery space, stated an ET report.
In addition, the company is also looking to expand its hyperlocal delivery network and enable the movement of essentials.
Founded by a former Myntra executive Raghuram Talluri, along with Tanmoy Karmakar and Rakib Ahmed in 2017, B2B focused LoadShare has built a network focusing on small and medium players by helping them with technology and operations know-how. It offers services ranging from first-mile, line-haul, and last-mile deliveries to modular logistics software solutions.
At present, the startup claims to have covered more than 4,000 pin codes across the country with over 2 million deliveries every month. Its network consists of more than 100 active partners and around 29,000 delivery executives who have delivered over 8 million orders to date.
Other leading startups in the B2B logistics space include Delhivery, Rivigo, and BlackBuck.