The latest infusion of funds will enable the unified digital logistics platform to expand operations across India from its current presence in three cities to over 15 cities by March 2024, a statement from the company said.
Venture debt firm Alteria Capital also participated in the round.
The statement added that Agraga plans to augment its technology stack to provide end-to-end solutions globally and improve its integrations with asset partners like ocean and air carriers, warehouses, transporters and customs departments.
The platform offers clients with price discoverability, transparency, route optimisation and better turnaround times digitally, the statement added.
The company was founded by Venkatesh Narayanaswamy and Anoop Raghavan in December 2021 and had bootstrapped its business to date with a clientele of over 200 customers from both enterprise and small businesses segments.
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Tej Kapoor, managing partner of IvyCap Ventures will be joining the board of Agraga on behalf of the Mumbai-based venture capital fund.“We are thrilled about this partnership with Agraga in their pursuit of resolving the critical challenge of cross-border logistics. Their platform leverages technology to provide a transparent, streamlined and cost-effective approach to the supply chain ecosystem,” said Vikram Gupta, founder and managing partner, IvyCap Ventures.
Narayanaswamy, co-founder and CEO of Agraga, said logistics cost efficiencies play a crucial role in helping Indian enterprises compete globally and that the Indian government’s target to increase exports to $2 trillion by 2030 reinforces the point.
“Our delayered supply chain offers significant cost benefits, while our streamlined process minimises the coordination and monitoring efforts required by our customers. As we continue to expand our national and global presence and maintain our low-touch model, Agraga has the ability to provide scalable solutions to thousands of MSMEs,” he added.
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