IIFL Private Equity (PE) fund led the fundraiseLogistics technology startup Smart Express has raised Rs 100 crore in seed funding, ahead of its launch during the upcoming festive season.
The Mumbai-based company plans to begin its operations in 30 cities and further establish 300 centres across the country in the next three years, according to a statement released by the firm on Wednesday, August 18.IIFL Private Equity (PE)fund led the fundraise and the round saw the participation of other investors includingSmiti Holding - Trading Company (Jalaj Dani Family office), the promoter andfounder Yogesh Dhingra and other co-founders, reported news agency PTI.The funds will be utilisedfor setting up thepick-up and delivery units as well as developing a transit hub infrastructureforcustomers across the country.
The investment is expected to take place in two tranches over the next two years linked to the pre-defined business milestones to expand in several cities in India.The other key areas where the company seeks to utilise funds include the development of state-of-the-art technology to support its operations and building innovative solutions that will allowcustomers to availservices at an optimal cost.Over a period of time, Smart Express will establish itsbusiness across segments including B2C, B2B, D2C, C2C and hyper-local delivery.As part of its service offering in the air express category, the company will offerdeliveries based upon customer requirements.''Our state-of-the-art technology will help provide 360 visibility, faster transit time and better customer experience.
To make a difference in the market, we are also creating a future-ready team that has a combination of industry experience, passion and energy,'' saidYogesh Dhingra, Managing Director and CEO,SmartExpress.