E-commerce Logistics Start-up Wow Express, has raised Rs 15 crore in a pre-series A round of funding led by US-based investors. Existing investor Tamarind Family Private Trust also participated in this round.
Co-founded by Jayesh Kamat, Mazhar Faruqi and Sandeep Padoshi, Wow Express started operations in Jan 2015 and is currently present in 20 cities. The company, currently processes about 350,000 shipments every month and has been witnessing a quarter-on-quarter growth of over 100%.
“We target to be in 50 cities with 100 branches and processing 10 lakh shipments by the end of this year. This round will help us achieve geographical expansion and enhance our technology,” said Padoshi, Director of WOW Express.
Being the pioneers in sports bicycle based deliveries, the company intends to expand their ‘Wow Rush’ service also across the country.” “Sports bicycle based delivery is gaining momentum and we believe that there is a need for a sustainable means of delivery, especially for the small parcel deliveries,” said Padoshi.
Recently, the company had tied up with Amazon India for bicycle deliveries and is in talks with other ecommerce players.
“I am excited about how capital light the existing business model is. And in order to continue our preferred logistic vendor status, we must constantly innovate our product offerings,” said Ayesha Mansukhani, who is on the board of WOW Express, in a company statement.
The funds come at a time when even the leading ecommerce players are looking to build their supply chain units—Flipkart is turning ekart into an independent business while Amazon is aggressively expanding its logistics footprint. According to Assocham, Indian logistics market will be a $307 billion market by 2020.
Source: The Economic Times
