Technology-enabled logistics start-up Loadshare has raised an undisclosed amount in its first round of funding from venture capital fund Matrix Partners India. Started in January of 2017, Loadshare has built a network focusing on small and medium players by helping them with technology and operations know how.

Raghuram Talluri, a former Myntra executive, founded the company along with Tanmoy Karmakar and Rakib Ahmed.

The company said it plans to use the fresh funds to invest in technology, operations and towards hiring talent. Loadshare clocks over 10,000 shipments per day.

“We cover a network of about 2,000 pin codes and with the fresh funds we are aiming to cover 5,000 pincodes in a year,” said Talluri.

“SMEs in India are adopting technology rapidly and we believe SaaS-enabled marketplaces are a great approach to providing value to the Indian SME. Loadshare’s approach to stitch together a network of small courier companies across India by providing them technology is differentiated,” said Vikram Vaidyanathan, MD, Matrix Partners India.

Laodshare’s technology aids companies to deliver shipments to remote areas at lower cost than other logistics players.

“We are expanding in south while we have covered North East completely and also investing in West Bengal and Odisha to enhance our network in these parts,” Talluri said.

Start-ups in the logistics space have been receiving a steady flow of capital as the segment gained from the rapid growth of e-Commerce companies in India. Delhivery, Blackbuck, Ecomm Express are some of the leading logistics tech players in the country .

Source: Times of India