Beenext leads $13m Series B for Indian logistics platform

Other investors in the round include UK-headquartered development finance institution CDC Group, Matrix Partners India and Stellaris Venture Partners. Alteria Capital, a venture debt provider, contributed debt financing as well.

Founded in 2017, LoadShare helps enterprise customers reach consumers in remote parts of the country. It does so by partnering with local service providers like trucking companies. The company primarily targets last-mile delivery in areas beyond major cities in the northeastern and northern states that are not yet serviced by other logistics-focused start-ups.

“This investment demonstrates our continued goal to support increased market access for small businesses and provide economic opportunities for low-income workers in some of the most remote regions in India,” said Srini Nagarajan, a managing director and head of Asia at CDC Group.

The start-up, which operates in more than 400 towns, claims to have facilitated more than 80,000 deliveries every day in remote areas. The new capital has been earmarked for supply chain improvements to speed up delivery of pharmaceutical products, fast-moving consumer goods, and groceries. Unlike its peers, LoadShare operates an asset-light model and does not own significant logistics-related assets like warehouses or vehicles.

Other start-ups that offer tech-enabled logistics solutions in the country include Delhivery, Blackbuck and Rivigo. Backed by the SoftBank Vision Fund, Delhivery raised $415 million in a Series F round last year.

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• Topics
• South Asia
• Expansion
• Technology
• Logistics
• Beenext Capital Management
• Matrix Partners
• CDC Group
• Stellaris Venture Partners
• India