Logistics startup Loadshare Networks has raised an undisclosed amount from Matrix Partners India the company said in a statement. The funds will be used to expand the team and build a technology platform for logistics of SME’s.
Loadshare was started in January this year by Raghuram Talluri, former head of customer experience at Myntra along with Tanmoy Karmakar and Rakib Ahmed, who have built and worked on logistic startups prior to this.
The company has a network covering more than 2000 pin codes across North East & East India, Metros, Kerala, Karnataka, Andhra Pradesh , Tamil Nadu, UP and Rajasthan. It offers services ranging from first mile, line-haul, last mile deliveries and modular logistics software solutions to its customers. The company claims it has completed more than 3 million shipments. It provides services to e-commerce portals, SME’s , B2B companies and B2B2C companies.
Raghuram Talluri, co-founder and CEO, Loadshare claims that the company sees 10,000 shipments per day and the funds will help them expand to more than 5000 PIN codes, as indicated by this Times of India report.
Earlier this month logistic firm Delhivery had raised $30 million from Fosun International. The company also competes with Gati’s e-commerce business, Gati e-connect. Other logistic firms include Rivigo which had raised $75 million from an affiliate of Warburg Pincus in November last year; Locus which had raised $2.75 million from Exfinity Ventures in May last year and BlackBuck which had raised $70 million in March this year from Sands Capital.
Meanwhile, online fashion website Myntra acquired Bangalore-based logistics startup InLogg for an undisclosed amount earlier this year. InLogg was started in 2015 and has expertise in fulfillment, technology, and business and is looking to standardize logistics in remote areas. Myntra added that InLogg is stitching a composite supply chain of regional courier companies across states in India.