CargoFL, a pioneering B2B logistics technology platform, has successfully raised Rs 6.75 crore in its seed funding round, with YourNest Venture Capital leading the investment. This milestone funding round saw significant contributions, including Rs 4.7 crore from YourNest, Rs 50 lakh each from Real Time Angel Fund and Peaceful Progress Angel Fund, and Rs 25 lakh from Sanchi Connect Accelerator. Additionally, Rs 80 lakh was raised from prominent angel investors such as Dinesh Chandra Agarwal (MD and CEO of IndiaMART), Dinesh Gulati (COO of IndiaMART), Murugavel Janakiraman (Founder and MD of Bharat Matrimony), and Rajesh Sawhney (Founder of GSF Accelerator).
Based in Pune, CargoFL has charted an ambitious roadmap for the allocation of these funds. A significant portion will be channelled towards building a robust sales engine to drive growth across India, Southeast Asia, the Middle East and North Africa (MENA), and North America. Another key focus area will be enhancing product capabilities, particularly in logistics and supply chain automation. The remaining funds will support client onboarding and implementation efforts in these diverse regions.
Established in 2017 by Deepesh Kuruppath and Wasim Khan, CargoFL has evolved significantly from providing transport management software for fleet owners to offering an AI-powered platform catering to enterprises in retail, pharmaceuticals, and manufacturing. The platform’s robust technology and innovative solutions have attracted over 25 major clients, including renowned companies like Puma, Godrej, Schaeffler, Metro Brands, and Decathlon.
The startup aims to achieve a $3 million Annual Recurring Revenue (ARR) within the next 18 to 24 months by acquiring more than 25 additional customers in India and scaling its operations internationally. “CargoFL stands out with its robust, AI-powered platform and a seasoned founding team driving AI adoption in the logistics sector. Its dual strategy of targeting India and expanding globally through client-led initiatives positions it for significant success,” remarked Girish Shivani, General Partner at YourNest Venture Capital.
This strategic funding and expansion plan highlights CargoFL’s commitment to revolutionising the logistics industry on a global scale.
