LoadShare, a Bengaluru-based tech-enabled logistics platform, announced it has raised Rs 100 crore funding led by Beenext. Other investors that took part in the funding round include CDC Group and existing investors Stellaris Venture Partners, Matrix Partners and venture debt fund Alteria Capital.
The company plans to use the funds to deepen its ‘essentials’ supply chain network in the pharmaceuticals, fast moving consumer goods and grocery space.
“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,” said Raghu Talluri, CEO of LoadShare.
“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.
“This investment demonstrates our continued goal to support increased market access for small businesses and provide economic opportunities for low-income workers in some of the most remote regions in India,” said Srini Nagarajan, managing director and head of Asia, CDC Group.
The Bengaluru-based firm plans to expand its hyperlocal delivery network and enable movement of essentials. The company has increased its regional footprint beyond the Northeast, where the company first started operations, to over 400 towns, with a focus on the eastern states.
According to a media report, the company has been able to create 3,000 new jobs across its partner ecosystem in the past 12 months.
Founded in 2017 by Raghuram Talluri, Rakib Ahmed and Tanmoy Karmakar, the company offers extensive services ranging from order fulfillment solution, last mile deliveries, third party fulfillment, and modular logistics software solution to partners. The company is primarily focussed on business-to-consumer (B2C) logistics.
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