Cogoport, an online freight logistics startup has secured Series A funding of Rs 40 crore in a round led by Accel Partners. Incorporated in May 2016, Cogoport is essentially a marketplace which provides end-to-end global freight solutions to importers and exporters. It allows companies to book freight services/options via its platform.
The company will use the fresh funds to invest in developing new product and fuel business growth by expanding globally and increase its footprint in the domestic market. The company has its operations in Asia and Europe started, it hinted global expansion in the US and Europe in its press statement.
The Mumbai-based started had previously raised a total of $950,000 according to Crunchbase data.
The company competes with players like BlackBuck, an online marketplace platform for freight where shippers and fleet operators transact. BlackBuck claims to bring truckers and customers on a platform to transact using auction engines on mobile interfaces. It has clients like Tata Steel, Unilever, Marico- to name a few. In October last year, it raised funding of Rs 50 crore in venture debt from InnoVen Capital. Other than this, big e-commerce players have started having their own logistics solutions like Flipkart, has eKart, Amazon India has Amazon Transportation Services (ATS) etc.