Tiger Global leads $40m round for India's Loadshare
Tiger Global Management has led a INR 3bn (USD 40m) Series C round for Indian logistics platform LoadShare.
Other investors include Filter Capital and 57 Stars. Existing investors CDC Group and Matrix Partners India re-upped.
Founded in 2017, LoadShare aims to leverage small and medium-sized enterprise (SME) logistics companies to solve the logistics challenges. Griffin Schroeder, a partner at Tiger Global, describes the mission as enabling India’s SME logistics providers to act as one and create a national transport network with low cost and high flexibility.
LoadShare originally focused on regional e-commerce and “part truckload” operations for enterprises. Part truckload describes goods that only fill a truck partially. It sits between two common logistics terms – full truckload (FTL) and less than truckload (LTL).
The company then expanded its scope to quick delivery of food, grocery and dark store operations (distribution outlets not open to visitors). It currently offers a range of solutions including last-mile deliveries such as 10-minute quick commerce, 30-minute food delivery, or intra-day e-commerce delivery, as well as regional end-to-end logistics.
LoadShare claims to have grown 5x from the Series B round. Geographically, the company has scaled up from east to pan-India. It delivers 250,000 orders per day on last-mile and 300 tonnes per day in regional trucking across more than 18 states and 500 towns.
The new investment will go to five key themes: building teams, building SME logistics tech, deepening an electric vehicle push, improving customer experience, and deepening the regional logistics and warehousing network to enable faster deliveries, according to Raghuram Talluri, co-founder and CEO of LoadShare.
“Now is perhaps the most exciting time to be in supply chain operations in India. From quick commerce to enterprise supply chains, logistics industry is undergoing a massive transformation. We also unlocked other tech driven, non-linear growth opportunities for SME truckers and delivery boys, in addition to the core operations engine,” said Talluri.
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