WizFreight invests Rs 30 cr in logistics tech, R&D in Chennai
It has also committed to spending over Rs 300 crore over the next 3 years on R&D. The centre will employ a team 300 members in the field of data science, analytics, software and logistics.
CHENNAI: Wiz Freight, a full-stack digital cross-border supply chain start-up, has set up a tech and R&D centre in Chennai for logistics tech. Established at an initial capital expenditure of Rs 30 crore, it will facilitate tech-enabled innovation in the shipping industry to reduce shipping costs, offer accurate end-to-end visibility, enable better upstream and downstream supply chain planning and execution and minimise carbon footprint.
It has also committed to spending over Rs 300 crore over the next 3 years on R&D. The centre will employ a team 300 members in the field of data science, analytics, software and logistics.
The centre was inaugurated on Wednesday by Ramkumar Ramachandran, co-founder-chairman and Ramkumar Govindarajan, co-founder-CEO, Wiz Freight. This will be the largest R&D centre in Asia dedicated to cross-border shipping technology providing solutions using Artificial Intelligence (AI), Machine Learning (ML), blockchain, Internet of Things (IoT), web & mobile applications and big data capabilities to improve critical functions like ETA prediction and routing.
Govindarajan, said, “we are committed to disrupting the current industry norms through tech-driven innovation and bringing greater efficiency that will benefit our clients in their business operations.
We have earmarked Rs 300 crore for R&D over the next 3 years and will further accelerate it depending on the pace of our global expansion.”
Ramachandran said, “Use of the latest technology to innovate and improve the efficiency in the shipping industry is the need of the hour. We have taken the lead by investing in the R&D centre in Chennai.”
KEY HIGHLIGHTS
Setup with initial investment of Rs 30 cr.
Commits R&D spend of Rs 300 cr over next 3 years.
Focus on AI/ML, blockchain, IOT, web and mobile applications, big data research
To employ a team 300 members in data science, analytics, software and logistics
In March 2022, it raised Rs 275 cr in a mix of equity-debt led by Tiger Global and participation by Axilor Ventures, Foundamental, Arali Ventures, Stride Ventures and Alteria Capital. This is touted to be the largest Series A funding in the logistics space in India
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