Mumbai-headquartered Indian logistics start-up Smart Express is launching operations with a seed capital of INR 100 crores. The round is led by IIFL India Private Equity Fund and Smiti Holding & Trading Company (Jalaj Dani family office). Promoter and Founder Yogesh Dhingra, and other co-founders have also participated in this round.
Investment is expected to happen in two tranches over the next 2 years linked to pre-defined business milestones to expand across cities and reach a certain scale, the company said in its statement.
Smart Express is promoted by Yogesh Dhingra who has been the former CFO, COO and CSO of Blue Dart Express Ltd. Dhingra has played a major role in the acquisition of Blue Dart by DHL. A veteran in the logistics space with more than 27 years of experience, he has led several initiatives to build a robust automated infrastructure at Blue Dart.
The funds will be deployed for team building and creating Pick-Up and Delivery (PUD) & transit hub infrastructure to service customers across India. Other key areas where the funds will be utilized include development of unique and state-of-the-art technology to support operations and building innovative solutions that will enable customers to experience best-in-class services at optimal cost.
The startup plans to commence its operations during the festive season this year in around 30 cities. In the next 3 years, Smart Express aspires to build over 300 centers across India, which will include its own PUD service centers, transit hubs, and alliance partners, the company said.
Yogesh Dhingra, Managing Director and CEO, Smart Express, said, “We are committed to building a platform that provides high service quality and better products for our customers at competitive price point through a transparent process. Our state-of-the-art technology will help provide 360 visibility, faster transit time and better customer experience. To make a difference in the market, we are also creating a future ready team that has a combination of industry experience, passion and energy.”
Speaking on initial fundraise and leading the round, Vikrant Sibal, Senior Executive Vice President, IIFL AMC said, “India’s logistics space is vibrant and dynamic. In the current pandemic scenario, the importance of the sector has grown manifold. We are happy to embark on this exciting journey with the vastly experienced Smart Express Team.”
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