Wiz Freight Secures INR 93 cr as part of series B funding round

Chennai-based supply chain startup Wiz Freight has raised INR 93.3 Cr (around $11.2 Mn) as part of its Series B funding round. Led by Japan-based SBI Investments, the round also saw participation from Tiger Global, Nippon Express Fund, Axilor Technologies Fund, Arali Investments and Unikon Shipping Ventures. According to an Entrackr report, the startup plans to raise $30 Mn in the Series B round in two tranches of $15 Mn each, at a valuation of $175 Mn. As per the filings, the Wiz Freight board has passed a special resolution to issue 1,790 Series B compulsorily convertible preference shares (CCPS) at an issue price of around INR 5.21 Lakh each. SBI Investments led the round with INR 33.3 Cr while Tiger Global, Nippon Express Fund, and Axilor Technologies Fund pumped in INR 18.71 Cr, INR 16.62 Cr, and INR 10.42 Cr, respectively. Arali and Unikon also participated with INR 14.32 Cr cumulatively.