Logistics startup LoadShare Networks has raised a Series B funding round of Rs 100 crore led by BEENEXT along with participation from CDC Group. Existing investors Matrix Partners India, Stellaris Venture Partners and venture debt providers Alteria Capital also participated in this round. The company said the funds will be used to deepen clientele, invest in technology as well as look at geographic expansion. It also plans to utilise the proceeds to expand its network and foray into sectors such as pharmaceuticals, fast moving consumer goods, and grocery for delivery of essentials. ‘This investment is timely as it helps us deepen our engagement with clients and continue building capabilities through investments in technology, attracting the best talent, geographic expansion and undertaking new initiatives (especially, hyperlocal delivery and movement of essentials),’ said Raghu Talluri, chief executive, LoadShare. Over the past 12 months, the startup has created over 3,000 new jobs across its partner ecosystem and will continue focusing on this, he added. LoadShare also helps small and medium enterprises (SME) in logistics with technology, operations know-how enabling them with a pan-India network.
‘LoadShare is operating in a deep $20 billion addressable market, which is undergoing a fundamental change. LoadShare’s execution across different logistics segments, enabled by their tech enabled marketplace model working with SMEs makes it exciting for us to partner with them,’ said Teruhide Sato, founder and managing partner, BEENEXT.
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