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Friday, June 14, 2024

This startup raised over $8M to revolutionize the Indian logistics industry with its tech

The primary objective of the organization is to address the obstacles encountered during the delivery process, particularly in scenarios where numerous intermediaries are involved. The digital platform aims to revolutionise turnaround time, making it faster and more efficient.

In a bid to achieve its goal, a startup has successfully secured INR 70 Crore (~ $8.51 million) in a Series A funding round. The funding was spearheaded by IvyCap Ventures, with Alteria Capital also participating in the funding round.

In 2021, Agraga was founded by Venkatesh Narayanaswamy and Anoop Raghavan, two exceptional individuals. Ever since their inception, they have been providing an extensive array of services encompassing rail and road transport, ocean and air freight, warehousing, customs, insurance, and finance.

The startup has announced that its digital ecosystem is fully equipped with cutting-edge features such as data analysis, partner integration, product curation, and supply chain optimisation. These features are designed to provide customised solutions to their customers.

Agraga has made significant strides in the enterprise and MSMEs sector, earning the trust of 200 customers and establishing a network of over 500 digitally connected partners. Agraga, the Indian-based company, has recently secured new funding and is now setting its sights on expanding its presence in India. The company has announced ambitious plans to extend its reach from the current three cities to more than 15 cities by March 2024.

Agraga has announced its plans to allocate a portion of its funds towards bolstering its technology stack and offering comprehensive solutions. Additionally, the company is closely monitoring the potential for expansion into the emerging markets of the Indian Subcontinent and Southeast Asia regions.

Newsdesk

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