Highlights
CargoFL Secures Rs 6.75 Crore in Seed Funding
CargoFL, an innovative B2B technology ecosystem for logistics, has successfully raised Rs 6.75 crore in its seed funding round, which was led by YourNest Venture Capital. The funding breakdown is as follows:
- Rs 4.7 crore from YourNest
- Rs 50 lakh each from Real Time Angel Fund (RTAF) and Peaceful Progress Angel Fund
- Rs 25 lakh from Sanchi Connect Accelerator
- Rs 80 lakh from angel investors including Dinesh Chandra Agarwal, Dinesh Gulati, Murugavel Janakiraman, and Rajesh Sawhney
Previously, the Pune-based firm raised $135K from HPCL and other investors.
The funds will be directed towards establishing a robust sales engine to facilitate growth in India, Southeast Asia (SEA), the Middle East and North Africa (MENA), and North America. Additionally, the proceeds will support the enhancement of product capabilities, focusing on logistics and supply chain automation, as well as client onboarding and implementation across various regions, according to CargoFL’s press release.
About CargoFL
Founded in 2017 by Deepesh Kuruppath and Wasim Khan, CargoFL operates as an AI-driven decision intelligence platform tailored for the logistics and supply chain sectors. The platform functions as an AI operating system specifically crafted for large enterprise customers within the industry.
Key Features
The platform aids businesses in improving their logistics operations by leveraging AI to tackle important tasks, including:
- Transport management
- Route optimisation
- Demand forecasting
- Real-time tracking
CargoFL is committed to reshaping the logistics sector, aiming to empower enterprises through sophisticated Vertical AI solutions for logistics and supply chain management. The company provides a holistic operating system designed to facilitate seamless collaboration among various stakeholders, including carriers, distributors, and suppliers.
Client Portfolio
CargoFL’s AI-driven platform is customised for enterprises across multiple sectors, including retail, pharmaceuticals, and manufacturing. Its current clientele boasts over 25 large enterprises, featuring notable names such as Puma, Godrej, Schaeffler, Metro Brands, and Decathlon. The company aims to reach an Annual Recurring Revenue (ARR) of $3 million within the next 18 to 24 months by onboarding more than 25 clients in India and several new clients in international markets.