Wow Express a Mumbai based logistics startup has raised a funding of $2 Million in a Pre-Series A round from US-Based Investors. Tamarind Family Trust its existing investor also participated in the round. The fund will be utilized in enhancing technology and other geographical locations.
Wow Express was founded by Sandeep Padoshi, Mazhar Faruqi and Jayesh Kamat in 2015. It provides technology led, customized integrated solutions for e-commerce customers including order fulfillment, warehousing, last mile deliveries and market-place pickups. It is currently operational in 20 cities and claims to process 350,000 shipments every month.
Sandeep Padoshi, director of WOW Express said
“We target to be in 50 cities with 100 branches and processing 10 lakh shipments by the end of this year. This round will help us achieve geographical expansion and enhance our technology.”
Wow Express provides sports bicycle based deliveries as well and have tied up with Amazon india. In 2015 it had rasied a seed funding of $500k led by Tamarind Family Private Trust.
Sandeep Padoshi also said
“Sports bicycle based delivery is gaining momentum and we believe that there is a need for a sustainable means of delivery, especially for the small parcel deliveries.”
According to Assocham, by 2020 Indian logistics market will be a $307 Billion market. Other players in the market that raised funds includes LogiNext Solutions a Mumbai based analytics startup rasied $500k from Indian Angel Network, Ecom Express a Delhi based logistics solutions has raised $133 Million, Delhivery an ecommerce company raised $85 Million from Tiger Global Management and existing investors.