Mumbai-based freight logistics startup Cogoport has raised an undisclosed amount of Series A funding from Accel Partners.
The startup plans to use the series A funding to invest in developing new product and fuel business growth by expanding globally and increase its footprint in domestic market.
Commenting on the investment, Shekhar Kirani, Accel Partners said, “The timing is right for disruptors in global logistics and freight category, as the market is massive and growing. When we met Cogoport team with deep domain experience, global expertise, fantastic product specialization, strong technology background, and financial banking expertise, we felt the team has all the ingredients for targeting the sizeable global market.”
It also enables price comparison for trucking, custom and inland docking charges. In a statement, the startup claimed that technology-led solutions aimed at offering enhanced business experience are at the heart of the brand’s value proposition.
The Indian Government Economic Survey 2017-18 revealed that the country’s logistics industry which is worth around $160 Bn is likely to touch $215 Bn in the next two years with the implementation of GST, growing at a CAGR of 10.5%.
The Global Ranking of the World Bank’s 2016 Logistics Performance Index shows that India jumped to 35th rank in 2016 from 54th rank in 2014 in terms of overall logistics performance.