13 December 2016, India :
Mumbai-based Comet, an online marketplace for international freight services, announced that it has raised an undisclosed amount in a pre-Series A funding round led by early stage investment firm India Quotient.
Rajul Garg and founders of BlackBuck -Rajesh Yabaji, Chanakya Hridaya, Ramasubramaniam B and Vishwanathan- have invested in their personal capacity. Other investors include Dubai-based Nobel House, Sunstone Capital and serial entrepreneur cum angel investor Alok Mittal.
Comet is an online marketplace that connects importers and exporters with the best freight service providers. It consists of a team of highly passionate engineers from IIT Delhi working alongside experienced logistics professionals focussed on solving the problem of international logistics. The objective is to make shipping as effortless as booking a flight.
Chitransh Sahai, co-founder Comet said, “We are creating a centralized system which can coordinate international freight service providers, transport companies, CFS’s (container freight stations), and customs operations. The idea is to bring down the opacity in the international freight management industry and thus improve time and cost efficiencies.”
Madhukar Sinha, co-founder and Partner, India Quotient said, “International logistics is complex and there is a need of transparency in this very large fragmented market. The problem statement was clear and the founder’s ambition to solve the customer experience in international trade using technology and automation got us to back them.”
The fresh funding will be utilized to build the team, technology and enhance market penetration.