Logistics technology startup Smart Express has raised Rs 100 crore in seed funding, ahead of its launch during the upcoming festive season. The Mumbai-based company plans to begin its operations in 30 cities and further establish 300 centres across the country in the next three years, according to a statement released by the firm on Wednesday, August 18.
IIFL Private Equity (PE) fund led the fundraise and the round saw the participation of other investors including Smiti Holding & Trading Company (Jalaj Dani Family office), the promoter and founder Yogesh Dhingra and other co-founders, reported news agency PTI.
The funds will be utilised for setting up the pick-up and delivery units as well as developing a transit hub infrastructure for customers across the country. The investment is expected to take place in two tranches over the next two years linked to the pre-defined business milestones to expand in several cities in India.
The other key areas where the company seeks to utilise funds include the development of state-of-the-art technology to support its operations and building innovative solutions that will allow customers to avail services at an optimal cost.
Over a period of time, Smart Express will establish its business across segments including B2C, B2B, D2C, C2C and hyper-local delivery. As part of its service offering in the air express category, the company will offer deliveries based upon customer requirements.
”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,” said Yogesh Dhingra, Managing Director and CEO, Smart Express.