Loadshare, a B2B logistics firm based in India, has raised $40 million in a Series C funding round, a press release says.
The funding will be used to hire more talent, build logistics tech and adopt more electric vehicles.
The release says Loadshare operates an “asset-light” business and focuses on regional transportation of goods. Some of the companies it works with include Flipkart, Siwggy, Amazon, and companies in the fast-moving consumer goods (FMCG) market like Procter & Gamble and Hindustan Unilever.
The round was led by Tiger Global and included new investors 57 Stars and Filter Capital, along with previous investors Matrix Partners India and CDC Group.
Loadshare Co-founder and CEO Raghuram Talluri said, “Now is perhaps the most exciting time to be in supply chain ops in India. From quick commerce to enterprise supply chains, the logistics industry is undergoing a massive transformation.”
The company got $13 million from a Series B round in March 2020, which helped it expand operations and increase quick grocery and food delivery. It’s also added more distribution centers.
PYMNTS wrote recently that Indian grocery startups have debuted quick delivery in 10 minutes or less.
It’s a trend called “quick commerce” – though some observers worry about safety if drivers are pushed to their limits.
Read more: Indian Startups Promise 10-Minute Grocery Delivery but Spark Safety Concerns
Some companies, including Blinkit, which is backed by SoftBank, and Zepto, have been hiring more staff to meet the demand.
The quick delivery startups use local warehouses, called “dark stores,” to store products and dispatch bike riders.
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