Chennai-based startup Wiz Freight has reported a revenue of Rs 327.51 crore in the fiscal year ending March 2022, up from Rs 17.98 crore in the previous year, according to its financial statements filed with the RoC. The company, which provides a platform for exporters and importers to book and manage their cross-border shipments, also achieved profitability during the fiscal year, posting a profit of Rs 8 crore. The startup raised Rs 275 crore in the largest Series A round seen in the logistics space at the end of fiscal year ending March 2022, and plans to raise a further $150 million. The company also acquired the India operations of Swiss firm M+R last year, and plans to acquire more relevant firms in the near future.
It seems that Wiz Freight, a Chennai-based digital supply chain startup, has been making strategic moves in the logistics space to grow its business. In addition to raising a massive Series A funding round of Rs 275 crore, the company has acquired the India operations of Swiss Firm M+R last year and plans to acquire more relevant firms in the near future. Wiz Freight’s focus on tech-enabled solutions has helped it build a strong roster of clients and achieve impressive growth, as evidenced by its revenue skyrocketing over 18X to Rs 327.51 crore in FY22 from Rs 17.98 crore in FY21.