Opinions expressed by Entrepreneur contributors are their own.
You’re reading Entrepreneur India, an international franchise of Entrepreneur Media.
Freight rate management SaaS platform Freightify has raised $12 million in Series A funding led by Sequoia Capital India along with TMV and Alteria Capital. The round also saw participation from previous investors Nordic Eye Venture Capital and Motion Ventures. The funding round involved a mixture of equity and debt. The company will use the funding to strengthen product offerings and add new functionalities, expand the sales presence globally, build channel partnerships, strengthen marketing to drive growth and increase its brand awareness globally as they expand into new geographies and segments. They will be actively hiring across geographies, especially Chennai.
“Our mission is to democratize technology for freight forwarders. We solve their challenges through our comprehensive SaaS platform giving them and their customers a live pricing platform like the ones used by travellers to compare airfares, showing real-time rates on a single screen. We are building out a strong marketing function that can drive growth as we expand to geographies across the globe,” said Raghavendran Viswanathan, CEO of Freightify.
Over 200 freight forwarding companies providing global logistics services (across 45 countries) use Freightify to digitize their business. These customers have reported reducing processing time by more than 70% and substantial cost savings in doing business. Some customers deploy a Freightify white-label platform and have reported an increase in win ratio by more than 20% and a very noticeable increase in retained business, claimed by the company in a statement.
“The freight forwarding industry is a cornerstone of the global trade economy and despite the massive size, much of the industry remains constrained by manual processes and runs on paper, excel sheets and phone calls. Freightify, a vertical SaaS platform, is solving this problem by helping freight forwarders automate rate management and make every day operational workflows fast and efficient so that they can focus on serving their customers and growing their business. We are glad to be a part of this journey with Raghav and the team at Freightify,” said Mayank Porwal, VP, Sequoia India
Founded in 2016 by Raghavendran Viswanathan, Freightify initially started as a marketplace for freight forwarders to conveniently search, book and track freight.