LoadShare raises undisclosed amount from Matrix Partners India in pre-Series A
Logistics technology company LoadShare, has today raised an undisclosed amount of funding in its pre-Series A from Matrix Partners India. The company will utilize the newly raised funding for hiring new people in engineering and operations team.
Commenting on the investment, Vikram Vaidyanathan, MD, Matrix Partners India, said,
SME’s 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.
Founded by former head of customer experience at Myntra, Raghuram Talluri, along with logistics industry executives Tanmoy Karmakar and Rakib Ahmed, the company works with small logistics players to create an analytics driven platform.
Incorporated in January 2017, LoadShare provides small transporters and logistics providers with software and coverage in 2000 pin codes to connect with new clients.
Talluri, CEO of LoadShare, said,
We process a mix of ecommerce and non-ecommerce shipments and started with North East, where we are able to process close to 66% of our shipments in three days. These are usually ordered and processed by the platform directly. Apart from this, we also have a steady stream of software revenues charged to our partners for using our technology platform.
It claims to have a comprehensive express and logistics network covering entire North East & East India, Metros, Karnataka, Kerala,UP,Rajasthan, Gujarat & many more destinations.
The company is planning to expand its operations to UP and Rajasthan, and to establish a partner network. Going forward, it will also processes reverse shipping orders. Since its inception, the company claims to have processed close to 30 lakh shipments.
LoadShare says that its mission is to offer best-in-class industry solution by enabling the small and medium players with domain expertise and pan-India operations. Itoffers extensive services ranging from order fulfillment solution, last mile deliveries, third party fulfillment, and modular logistics software solution to partners.