LoadShare bags Rs 100 Cr funding

LoadShare has raised Rs 100 crore in a funding round led by Beenext. LoadShare is a technology enabled logistics startup. CDC Group and existing investors like Stellaris Venture Partners, Matrix Partners, and Alteria Capital also participated in the round.

In its Series A round, it had raised $5 million and the round was led by Stellaris Partners in April 2018.

These fresh funds for LoadShare come in the backdrop of logistics businesses being hit due to the ongoing nationwide lockdown with only essential items being allowed, causing a down downfall in revenue for the past 40 days.

The news fund will be used towards strengthening its ‘essentials’ supply chain networks in the pharmaceuticals, fast-moving consumer goods (FMCG), and grocery space, as per reports.

In addition, the company is also looking to expand its hyperlocal delivery network and enable the movement of essentials.

Founded by a former Myntra executive Raghuram Talluri, along with Tanmoy Karmakar and Rakib Ahmed in 2017, B2B focused LoadShare has built a network focusing on small and medium players by helping them with technology and operations know-how. It offers services ranging from first-mile, line-haul, and last-mile deliveries to modular logistics software solutions.

Presently, the startup claims that it covers over 4,000 pin codes across the country with over 2 million deliveries every month. Its network consists of more than 100 active partners and around 29,000 delivery executives who have delivered over 8 million orders to date.