Wow Express bags Rs 15 crore funding in pre-series A round
Bengaluru | Red Newswire | May 14 2:25 PM IST.
Wow Express, the eCommerce logistics startup has raised Rs. 15 crore funding from US-based investors in pre-series funding. This round of funding also saw participation from Wow Express’s existing investor – Tamarind Family Private Trust.
Wow Express was founded by Jayesh Kamat, Sandeep Padoshi and Mazhar Faruqi in Jan 2015. The startup has expanded its operations to 20 cities. The company currently caters to 350,000 shipments per month and has witnessed a growth of 100% on quarter-on-quarter basis.
Padoshi, Director of Wow Express 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.”
The startup is considered to be the pioneer in bicycle-based deliveries and intends on expanding their “Wow Rush” service to other cities across the country. Padoshi said, “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.”
The company has also tied with the eCommerce giant Amazon India and is also looking to tie up with other players in the field.
Ayesha Mansukhani of Wow Express said, “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.”
Major eCommerce players are looking to expand their logistics unit. The Indian logistics market is estimated to become a $307 billion market in the next 4 years according to Assocham.
Source: ET Bureau