Logistics start-up Cogoport in talks with Accel Partners to raise upto RS50 crore
If the deal goes through, Cogoport will add to Accel’s portfolio of logistics start-ups
Online logistics marketplace Cogoport, which aggregates ocean and airline freight carriers, is in advanced talks to raise Rs40 to 50 crore from venture capital (VC) firm Accel Partners, according to two people aware of the development.
The two people declined to be identified because the talks are private.
The proposed deal is one of the largest early-stage funding rounds into logistics start-ups.
Cogoport and Accel didn’t respond to emails seeking comment.
If the deal goes through, Cogoport will add to Accel’s portfolio of logistics start-ups. The VC firm holds stakes in at least two other logistics start-ups Blackbuck and Fortigo, which along with Rivigo are seen as some of the most promising new logistics start-ups.
Founded in 2016 by Shekhar Purnendu, Anurag Dabral, Harsh Kumar and Kunal Rathod, Cogoport (Cogo Freight Pvt Ltd) helps both exporters and importers move their cargo to their destination through tie-ups with international freight carriers.
Cogoport currently has branches in Mumbai, Ahmedabad, Baroda, Rajkot, Gandhidham and Gurugram and Hong Kong.
Cogoport earns revenue by charging a commission for each shipment placed on its platform. Till date, it claims to have received over 85,400 inquiries from over 2,550 clients via its online platform.
Three members of the Cogoport founding team, Purnendu, Dabral and Rathod, are experienced shipping industry professionals.
The company, which raised Rs5 crore last year from an unnamed high net worth individual, plans to expand its presence in foreign markets by March, according to a January report in the Economic Times newspaper.
Over the past two years investors have put money into a host of logistics start-ups that are trying to organize the massive trucking business and make it more transparent by using technology. Rivigo and Blackbuck have cornered a majority of the capital raised by logistics start-ups, raising more than $170 million and more than $100 million, respectively.
However, some start-ups have failed to survive. Truck aggregators like Truckmandi and Trucksumo shut down after failing to expand because of their inability to provide a consistent marketplace for truckers and their clients.