Freight Tiger raises $6.5mn led by Mathew Cyriac’s Florintree
The round also saw participation from Oyo Founder, Ritesh Agarwal’s family office Aroa Ventures and existing investors Lightspeed India Partners, Moonstone Investments and Pawan Munjal Family Trust.
Freight Tiger, India’s largest digital freight network has announced today it has raised $6.5mn led by Florintree Infra. The round also saw participation from Oyo Founder, Ritesh Agarwal’s family office Aroa Ventures and existing investors Lightspeed India Partners, Moonstone Investments and Pawan Munjal Family Trust.
Mathew Cyriac is credited with building Blackstone’s Private Equity business in India where he led investments in Allcargo Global Logistics, Gateway Rail, International Tractors, MCX, MTAR Technologies, CMS Infosystems, Gokaldas Exports, FINO Payments Bank and more.
Founded by Swapnil Shah, Freight Tiger in less than 4 years has grown to become India’s largest digital freight network. Its approach to logistics has been unique in the way that the company thrives on collaboration and inclusivity amongst all stakeholders. Taking this a step further, Freight Tiger today is building a first-of-its-kind SaaS-enabled digital freight network that will help customers – both shippers and logistics service providers/transport companies, move fast, load more, reduce empty miles and reduce waste.
Commenting on the new funding Swapnil Shah, Founder & CEO, Freight Tiger said,
“We are excited to leverage Mathew’s expertise in the logistics industry and scaling companies. We have seen rapid acceleration in adoption over the last 12 months on our software platform and digital freight network. We today process close to 4% of India’s FTL volume on our software platform. Our differentiated approach of software led end-to-end digitization is bringing the ecosystem together and making the $125bn Indian freight market more seamless, collaborative & transparent. We are on track to hit $100mn in annualized Gross Revenue by the end of this fiscal year.”
Mathew Cyriac, Executive Chairman, Florintree Advisors, said, “I have closely experienced Swapnil’s passion and commitment to deliver breakthrough value for his customers. Freight Tiger is well positioned to transform the very complex Indian logistics sector in the next few years. I am looking forward to working with Swapnil and the other Board members in this exciting phase of Freight Tiger.”
Freight Tiger currently has over 300+ shippers and 4000+ transport companies on its platform. Some of the company’s customers include Saint Gobain, Dalmia Group, JSW Steel, BLR Logistiks, Patanjali, Kohler, and MRF among others.