Agraga raises INR 70 crore in Series A led by IvyCap Ventures
16th May, Mumbai: Agraga, a Unified Digital Logistics Platform that seamlessly integrates asset holders to simplify cross-border logistics, has raised INR 70 crore in its recent Series A round led by IvyCap Ventures, a renowned homegrown venture capital firm, with participation from Alteria. This latest infusion of funds will enable Agragato to expand operations across India from its current presence in 3 cities to over 15 cities by March 2024. Agragaplans to augment its technology stack to provide end-to-end solutions globally and improve its integrations with asset partners like ocean/air carriers, warehouses, transporters, and customs departments. Agraga aims to eliminate multiple intermediaries to deliver price discoverability, transparency, route optimization, and better turnaround times digitally via its platform.
Agragaprovidesa seamless digital experience throughout the shipment lifecycle, from booking to tracking to execution. Co-foundedby Venkatesh Narayanaswamy and Anoop Raghavan, Agraga commenced its operations in December 2021 and has remarkably bootstrapped its business to date with a clientele of over 200 customers from the enterprise segment and MSMEs, and more than 500 digitally connected partners, providing them with avant-garde solutions in over 30 countries worldwide.
In the next five years, Agraga aspires to become a prominent player in the emerging markets of the ISC and SEA regions in the cross-border and contract logistics domain. It aims to achieve this feat by delivering a state-of-the-art digital ecosystem that will empower MSMEs and enterprises with access to asset capacity and price discovery, along with visibility and execution solutions, enabling them to take their logistics operations to the next level.
Speaking about the investment, Vikram Gupta, Founder, and Managing Partner, IvyCap Ventures says, “We are thrilled about this partnership with Agraga in their pursuit of resolving the critical challenge of cross-border logistics. Their platform leverages technology to provide a transparent, streamlined, and cost-effective approach to the supply chain ecosystem, and we are excited about their vision of transforming the global logistics industry.”
Tej Kapoor, Managing Partner of IvyCap Ventures will be joining the board of Agragaon on behalf of IvyCap Ventures.
Venkatesh Narayanaswamy, the Co-founder and CEO of Agraga, sheds light on the unique selling proposition of the company and outlines its future roadmap, stating, “Having been associated with the logistics industry for over a decade, our firsthand knowledge of the sector’s inefficiencies has led us to recognize the crucial role that logistics cost efficiencies play in helping Indian enterprises compete globally. The Indian government’s target to increase exports to USD 2 trillion by 2030 reinforces this point. To achieve this objective, technology will be a critical enabler, and Agraga’s advanced technology stack is well-equipped to support this endeavor. Our delayered supply chain offers significant cost benefits, while our streamlined process minimizes the coordination and monitoring efforts required by our customers. As we continue to expand our national and global presence and maintain our low-touch model, Agragahas the ability to provide scalable solutions to thousands of MSMEs. Ultimately, our mission is to deliver a world-class experience to our customers and partners worldwide, while creating long-term value for our stakeholders.”