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Citrus Freight Secures Funding for Perishable Logistics Innovation
In a significant move for the perishable logistics sector, Citrus Freight has successfully raised Rs 2.5 crore in a bridge funding round, increasing its total funding to Rs 5.25 crore. This funding round attracted investment from Caret Capital, Indigram Labs Foundation, and several other entities.
The capital raised will be allocated towards enhancing the team and advancing the technology infrastructure, particularly improvements to its mobile-first platform, as stated by Citrus Freight in an official release.
About Citrus Freight
Founded in 2016 by Biplob Barik and Ricky Goyal, Citrus Freight is specifically dedicated to the field of perishable logistics within the agricultural sector. The company has developed a digital platform that streamlines the booking of refrigerated containers while providing full-service solutions that include customs clearance and surface transport. Citrus Freight is renowned for its skill in handling fresh produce, meat, marine products, and flowers, facilitating their export to international markets.
Expertise in Perishable Logistics
Citrus Freight is at the forefront of perishable logistics, addressing a wide array of commodities such as fruits, vegetables, meat, marine products, and flowers. The firm offers an all-encompassing suite of services that encompasses container booking, customs procedures, surface transport, and dedicated customer support. By leveraging temperature monitoring technology and real-time data, the company ensures that the quality of perishable items is maintained throughout the shipping process.
Global Reach of Citrus Freight
Based in Bengaluru, Citrus Freight plays a crucial role in exporting Indian agricultural products to multiple global locations including Europe, the Middle East, and Southeast Asia. The startup addresses inefficiencies in exports through an integrated mobile application that facilitates booking, compliance checks, temperature monitoring, and predictive analytics.
Empowering SMEs in Exporting
Citrus Freight has concentrated on mitigating the hurdles that small and medium-sized enterprises (SMEs) encounter in exporting perishables, equipping them with the necessary tools and infrastructure needed to expand their global presence. The company asserts that it has effectively reduced booking times from 72 hours to merely 10 minutes, aiding clients in lessening spoilage and boosting market reach by over 40%.
Future Goals of Citrus Freight
Over the coming 12 to 24 months, Citrus Freight aims to generate revenue of Rs 4.5 crore, with a target of facilitating the movement of 1,500 containers. The company is navigating a competitive landscape, facing rivals such as Wiz, Cogoport, and Intercont.
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