Wow Express, Mumbai-based eCommerce logistics startups, has raised $2 million (Rs. 15 crore) in its pre-Series A round of funding, led by a group of US-based angel investors.
The company’s existing investor Tamarind Family Private Trust has also participated in this round. The names of the US-based angel investors have not been revealed.
The newly raised funding will be used by the logistics firm for the geographical expansion and technology enhancement. It is aiming to reach in 50 more cities with 100 branches and to process 10 lakh shipments by the end of this year.
Founded in January 2015 by Padoshi, Jayesh Kamat and Mazhar Faruqi, Wow Express aims to fill the gap within the e-commerce supply chain with the use of technology. It provides support in terms of warehousing, order fulfillment and last-mile delivery to e-commerce firms.
The three co-founders have earlier worked for companies such as DHL, Reader’s Digest, UPS, TNT and Singapore Post. The company’s list of clients include Paytm, Rediff and Fashionandyou. Recently, the company had tied up with Amazon India for delivering bicycles.
The company claims to be processing around 3,50,000 shipments a month and has branches in Navi Mumbai, Thane, Delhi-NCR, Bangalore, Ahmedabad, Surat, Rajkot and Jaipur.
In July last year, the firm had raised seed investment of around $500,000 (Rs 3.17 crore) from Tamarind Family Private Trust. According to Assocham, Indian logistics market will be a $307 Billion market by 2020.