May 14, 2016: 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 along with their existing investor Tamarind Family Private Trust.
Starting its operations in Jan 2015, Wow Express was co-founded by Jayesh Kamat, Mazhar Faruqi and Sandeep Padoshi and is currently present in 20 cities. Processing about 350,000 shipments every month, Wow Express has been witnessing a quarter-on-quarter growth of over 100%.
Director of Wow Express, Mr Padoshi said,”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”.
As a renowned pioneers in sports bicycle based deliveries, the company aims 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.
The company made a recent tie 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, said in a company statement.
The leading ecommerce players like Flipkart and Amazon are aggressively looking to build their supply chain units and funds have been received during the time where other players are expanding their logistics footprint. According to Assocham, Indian logistics market will be a $307 billion market by 2020.
Image Source: vccircle.com
Also Read: Locus, A Logistics Management Platform Raises $2.75 Million In Series A Funding
