IIFL Private Equity (PE) fund led the fundraiser
Logistics technology start-up Smart Express has raised Rs 100 crore in seed capital ahead of its launch during the upcoming festive season. The Mumbai-based company plans to launch operations in 30 cities and establish 300 centers across the country over the next three years, according to a statement released by the company on Wednesday, Aug. 18.
IIFL Private Equity (PE) fund led the fundraising and the round saw the participation of other investors including Smiti Holding & Trading Company (Jalaj Dani Family office), its promoter and founder Yogesh Dhingra and other co-founders.
The funds will be used to set up the pick-up and delivery units and to develop a transit hub infrastructure for customers across the country. The investment is expected to take place in two tranches over the next two years, linked to the predefined business milestones to expand in various cities in India.
The other key areas in which the company plans to use funds include developing state-of-the-art technology to support its operations and building innovative solutions that allow customers to leverage services at optimal cost.
Over time, Smart Express will establish its business in various segments, including B2C, B2B, D2C, C2C and hyper-local delivery. As part of its service offering in the air transport category, the company will offer deliveries based on customer requirements.
“Our state-of-the-art technology will help deliver 360-degree visibility, faster transit time and a better customer experience. To make a difference in the market, we are also creating a future-proof team that has a combination of industry experience, passion and energy,” said Yogesh Dhingra, Managing Director and CEO of Smart Express.
