Agraga, a digital logistics startup, raised around Rs. 70 crores (equivalent to $8.51 million) in a Series A round led by IvyCap Ventures, and Alteria Capital also participated.
The startup said that the funds would be used for expanding operations in India from its current presence in just three cities. It aims to spread to more than 15 cities by March 2024.
Agraga’s primary goal is to develop connections with asset partners including warehouses, client departments, and transporters, and to expand its technology so that it can provide end-to-end solutions globally.
Moreover, the startup also aims to resolve the challenges related to deliveries with various intermediaries.
About Agraga and its Function
Venkatesh Narayanaswamy and Anoop Raghavan co-founded the logistics firm, which debuted in 2021.
It offers many services such as rail and road transport, warehousing, ocean and freight, insurance, customs, and finance.
Moreover, the startup is said to have a digitally equipped ecosystem along with partner integration, data analysis, product curation, and optimizing supply chains so that it could provide adaptable solutions which could cater exclusive needs of every customer.
As of now, the startup claims to have 200 customers in the enterprise and MSMEs sector. Apart from this, there are 500 digitally connected partners.
Agraga plans to expand its cross-border and contract logistics business into the developing markets of the SEA and ISC regions.
The startup also aims to achieve this goal by offering a start-of-the-art digital ecosystem to the MSMEs and enterprises. This would enable them to take their logistics operations to a different level.
Future of Agraga after this Investment
Vikram Gupta, founder and managing partner of IvyCap Ventures commented on the investment. He said that Agraga’s platform leverages technology to provide a streamlined, transparent, and most of all, cost-effective approach to the supply chain ecosystem. He added that there is excitement because of this vision as it is believed to transform the global logistics industry.
Narayanaswamy, one of the co-founders, said that the Indian government is targeting to increase its exports to USD 2 trillion by 2030.
Therefore, to achieve this aim, technology is important, and Agraga’s advanced technology would be of great help.
He continued by saying that Agraga’s delayered supply chain offers considerable cost savings, and that the company’s streamlined procedure reduces the amount of coordination and monitoring required of its clients.
Lastly, he said that Agraga can offer sustainable solutions to thousands of MSMEs as it continuously broadens its national and international presence while maintaining a low-touch business approach. And their ultimate goal is to provide a top-notch experience to all of their partners and customers while generating long-term value for all of our stakeholders.
About IvyCap Ventures and its Function
IvyCap Ventures is a Mumbai-based sector-agnostic venture capital firm that manages assets of $530 million. It was founded in 2011 and has a portfolio of more than 30 companies across sectors like HealthTech, Fintech, EdTech, ConsumerTech, DeepTech, et al.
This firm invests in early- to growth-stage startups, that is, Seed Pre-Series, Series A, and Series B, and invests in those startups that are developing innovative technology-based goods, services, and business solutions with the ability to grow and change in order to take the lead in a competitive market.
Other Startups which Raised Funding
Apart from Agraga, other startups such as RevenueHero, Locofy, StepChange, Leumas, Giverly, and Varco Leg Care also raised funding.
RevenueHero raised Rs. 42 crores ($5.1 million) and would use the funding to expand its operations in the North American market.
Locofy, an AI-based startup, raised Rs. 35 crores ($4.25 million) and would use the capital to develop a technology stack.
StepChange, a climate-focused SaaS startup, raised Rs. 32.92 crores ($4 million) and would use the funding for product development, geographical expansion, and improving region-specific carbon accounting models.
Leumas raised Rs. 7 crores ($851,115) and would use the amount for developing its technology, hiring, and its go-to-market rollout.
Giverly, a social impact fintech startup, raised an undisclosed amount. The Gurugram-based startup would use the fresh amount to develop its technology along with branding and hiring.
Varco Leg Care, a healthcare startup, also raised an undisclosed amount and would use it to expand its product offerings, geographical expansion, and technology.
Proofread & Published By Naveenika Chauhan
