Smart Express Gets Seed Funding Of Rs 100 Crore

City-based logistics start-up Smart Express on Tuesday said it has raised Rs 100 crore in seed funding ahead of its launch in the festive season.

The seed funding round is led by IIFL Private Equity Fund and other investors, Smiti Holding & Trading Company (Jalan Dani family office), founder-promoter Yogesh Dhingra, and other co-founders, Smart Express said in a release.

The start-up is looking to launch operations during the forthcoming festive season in 30 cities, it said adding the plan is to set up 300 centers pan-India in the next three years.

The funds will be deployed for team building and creating Pick-Up and Delivery (PUD) and transit hub infrastructure to service customers across India, it said.

Other key areas where the funds will be utilized include the development of technology to support operations and building innovative solutions that will enable customers to experience best-in-class services at optimal cost, the start-up said.

“We are committed to building a platform that provides high service quality and better products for our customers at competitive price points through a transparent process,” said Dhingra.

A veteran in the logistics space with more than 27 years of experience, Dhingra has led several initiatives to build a robust automated infrastructure at Blue Dart, where he has served as CFO, COO, and CSO.

He played a major role in the acquisition of Blue Dart by DHL, as per the release.

Vikrant Sibal, Senior Executive Vice President, IIFL AMC said, “India’s logistics space is vibrant and dynamic. In the current pandemic scenario, the importance of the sector has grown manifold. We are happy to embark on this exciting journey with the vastly experienced Smart Express Team.”