Bengaluru-based Loadshare Networks Pvt. Ltd, which operates a tech platform catering to small and medium-sized enterprises in the logistics sector, has raised an undisclosed amount in a Series A round led by Stellaris Venture Partners and existing investor Matrix Partners.
A company statement said that Loadshare will use the capital to strengthen its core leadership team, expand to new regions and invest in its logistics technology platform.
As part of the funding, Stellaris co-founder Alok Goyal will join the company’s board.
Loadshare was founded in 2017 by Raghuram Talluri, Tanmoy Karmakar and Rakib Ahmed. The company offers an array of technology-based solutions for SMEs in the logistics space including a tech platform, operations know-how, access to customers (e-commerce and other distribution networks) besides providing guidance on business development and branding.
Loadshare also offers other services, ranging from first-mile, line-haul and last-mile deliveries to modular logistics software solutions. The startup covers more than 3,500 pin codes across the country and plans to add more pin codes.
“It’s heartening to see many of our partners grow 10X and more in a short span of time, even in the logistically underserved parts of India,” said Talluri. “We intend to expand into B2B segment in addition to scaling up B2C,” he added, referring to business-to-business and business-to-consumer segments.
The early-stage venture capital firm was founded by Alok Goyal, Ritesh Banglani and Rahul Chowdhri after quitting Helion Venture Partners at the end of 2015.
Stellaris made the first close of its debut fund at $50 million in February last year. It counts tech giant Infosys Ltd as an investor in its fund. In January, Stellaris said it had roped in the investment arm of global technology giant Cisco Systems Inc as a limited partner.
Stellaris’ earlier bets include mobile business-to-business marketplace Wydr, software-as-a-service platform Whatfix and mobile-first communication platform for on-field staff Noticeboard.
“Loadshare is a unique opportunity to create an assetless business in a massive, highly fragmented, inefficient and a capital-intensive industry. We believe the company is well positioned to integrate logistics service providers (which have excess capacity but don’t have access to larger shippers) to build a high quality and low-cost delivery network, flexibly orchestrated through software,” said Goyal.
Loadshare had raised an undisclosed amount in its first round of institutional funding from Matrix Partners in May 2017.
Rajinder Balaraman, vice president at Matrix India, said the Loadshare founder’s approach helping logistics entrepreneurs to grow their business is differentiated and scalable.
Matrix Partners manages Rs 4,500 crore in assets. The firm’s most well-known bets are in the consumer-technology segment where it has backed cab-hailing app Ola, online classifieds firm Quikr and digital health platform Practo, among others. Earlier in the day, we reported that Matrix had invested in Mumbai-based blockchain startup Elemential.