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Freightify, a freight rate management SaaS platform, has raised $12 million in Series A funding Led by Sequoia Capital India along with TMV and Alteria Capital. The round also saw participation from previous investors Nordic Eye Venture Capital and Motion Ventures. The round involved a mix of equity and debt. The company will use the funds to strengthen product offerings and add new features, expand global sales operations, establish channel partnerships, strengthen marketing to drive growth, and increase its global brand awareness as it expands into new geographies and market segments. They will be actively recruiting across regions, especially Chennai.
“Our mission is to democratize technology for freight forwarders. We solve their challenges with our comprehensive SaaS platform, providing them and their customers with a real-time pricing platform, much like the ones travelers use to compare airfares, in one Live rates are displayed on the screen. Our Freightify CEO Raghavendran Viswanathan said: “We are building a strong marketing function to drive growth as we expand our business globally. “
More than 200 freight forwarders (in 45 countries) providing global logistics services use Freightify to digitize their business. These clients report reductions in processing time of over 70% and significant cost savings in conducting their business. Some clients have deployed the Freightify white label platform and have reported win rates of more than 20% and a very significant increase in retained business, the company said in a statement.
“The freight forwarding industry is the cornerstone of the global trade economy, and despite its size, much of the industry is still limited by manual processes and relies on paper, Excel spreadsheets and phone calls to function. Freightify, a vertical SaaS platform, is solving this problem by helping Freight Agents automate rate management and make day-to-day operational workflows fast and efficient so they can focus on serving their clients and growing their business. We are excited to be part of this journey with Raghav and the Freightify team,” Mayank Porwal, Vice President, Redwood India
Founded by Raghavendran Viswanathan in 2016, Freightify began as a marketplace for freight forwarders to easily search, book and track shipments.
