CargoFL, a B2B digital ecosystem for logistics, raised Rs 6.75 crore in a seed round headed by YourNest Venture Capital. The round includes Rs 4.7 crore from YourNest, Rs 50 lakh each from Real Time Angel Fund (RTAF) and Peaceful Progress Angel Fund, Rs 25 lakh from Sanchi Connect Accelerator, and Rs 80 lakh from angel investors such as Dinesh Chandra Agarwal, Dinesh Gulati, Murugavel Janakiraman, and Rajesh Sawhney.
The Pune-based startup has previously raised $135,000 from HPCL and others. CargoFL stated in a press release that the proceeds will be used to build a sales engine for growth in India, Southeast Asia (SEA), the Middle East and North Africa (MENA), and North America, as well as to enhance product capabilities such as logistics and supply chain automation, and client onboarding and implementation across geographies.
Deepesh Kuruppath and Wasim Khan co-founded CargoFL in 2017, which is an AI decision intelligence platform for logistics and supply chain. The company provides an AI operating system intended exclusively for the supply chain and logistics industries, with an emphasis on large enterprise customers. It enables businesses to improve their logistics operations by utilizing AI to address important activities such as transport management, route optimisation, demand forecasting, and real-time tracking.
CargoFL intends to alter the logistics environment by providing organizations with superior Vertical AI solutions for logistics and supply chain. The company provides a comprehensive logistics operating system that allows parties such as carriers, distributors, and suppliers to collaborate seamlessly.
CargoFL is an AI-powered platform designed specifically for organizations in the retail, pharmaceutical, and manufacturing industries. Its present clientele comprises around 25 major corporations such as Puma, Godrej, Schaeffler, Metro Brands, and Decathlon. It intends to generate an ARR of $3 million over the next 18-24 months by enrolling more than 25 customers in India and many in international markets.
