Accel Partners, a private equity investment firm has invested about Rs 40 crore in online freight logistics firm Cogoport.
In a press release, the Cogoport said, “it has secured Series A funding round from Accel Partners, however, the company did not disclose the amount it has raised but according to our sources the amount is around 40 crore.”
“The fund will enable Cogoport to invest in developing new products and fuel business growth by expanding globally and increase its footprint in the domestic market,” the statement said.
Cogoport is an online international freight exchange currently offering price discovery and booking using a data-driven technology solution.
Incorporated in May 2016, Cogoport provides end-to-end global freight solutions for importers and exporters. The business model is built around principles of aggregation and marketplace.
Over the last year, we have been able to validate our firm belief that technology can transform the erstwhile frameworks of freight industry which are opaque by design and inefficiency in the system,” Cogoport founder and CEO Purnendu Shekhar said.
Shekhar Kirani from Accel Partners said, “The timing is right for disruptors in global logistics and freight category, as the market is massive and growing.”
The leading venture capital firm has invested in companies like BookMyShow, Flipkart, Housing-PropTiger, Myntra, Ola, Swiggy, and UrbanClap.