Agraga, a digital logistics platform, has raised about $8.5 million (Rs 70 crore) in its Series A funding round led by homegrown venture capital firm IvyCap Ventures, with participation from Alteria.
This latest infusion of funds will enable Agraga to expand operations across India from currently three cities to over 15 by March 2024, it said in a statement. The startup plans to augment its technology stack to provide end-to-end solutions globally and improve its integrations with asset partners like ocean/air carriers, warehouses, transporters, and customs departments, the statement added.
Co-founded by Venkatesh Narayanaswamy and Anoop Raghavan, Agraga provides a range of logistics services, including rail and road transport, ocean and air freight, warehousing, customs, insurance, and finance. The startup boasts a clientele of over 200 customers from the enterprise segment and MSMEs and more than 500 digitally connected partners.
“As we continue to expand our national and global presence and maintain our low-touch model, Agraga has the ability to provide scalable solutions to thousands of MSMEs. Ultimately, our mission is to deliver a world-class experience to our customers and partners worldwide while creating long-term value for our stakeholders,” said Venkatesh Narayanaswamy, the co-founder and CEO of Agraga.
INDIA DEAL MONITOR
Here are the prominent venture capital transactions in India announced from May 12-16, 2023.
| Startup | Headquarter | Investment Size (USD) | Investment Stage | Lead Investor(s) | Other Investor(s) | Industry | Verticals | |
|---|---|---|---|---|---|---|---|---|
| Agraga | Chennai | 8,500,000 | Series A | IvyCap Ventures | Alteria | Logistics/Distribution | Ridesharing/Transport | s |
| XYXX | Surat | 13,500,000 | Series C | Amazon Smbhav Venture Fund | Sauce.vc, Anicut Capital, DSG Consumer Partners, Singularity Growth Opportunities Fund | Retail | E-commerce | |
| StepChange | Bengaluru | 4,000,000 | Seed | BEENEXT, Global Founders Capital | Genesia Ventures, Whiteboard Capital, Saison Capital, Seedstars, Antler, Speciale Invest | Software | SaaS | |
| Agilitas Sports | Bengaluru | 52,000,000 | – | Convergent Finance LLP | – | Retail | E-commerce | |
| e-con Systems | Chennai | 12,000,000 | – | GR 2022 Holdings Inc | – | Electronics | Infrastructure | |
| MPOWER Financing | Bengaluru | 150,000,000 | Debt | Goldman Sachs | – | Financial Services | Fintech | |
| Ashnni Motors | Pune | 244,000 | Pre-Seed | WealthTrust Capital Services, Pushpak Ranka, Dawson Menezes, Sneha Jain, Alisha Poonawalla Menezes | – | Automobiles Other Vehicles & Parts | Electric/Hybrid Vehicles | |
| BYJU’s | Bengaluru | 250,000,000 | – | Davidson Kempner | – | Education/Training | Edtech | |
| WickedGud | Mumbai | 273,722 | – | Shilpa Shetty | – | Food | E-commerce | |
| InCore Semiconductors | Chennai | 3,000,000 | Seed | Sequoia Capital India | – | Semiconductors | – | |
| Enercomp | Ahmedabad | 316,302 | Pre-Series A | Bestvantage Investments | Ah! Ventures, Soonicorn Ventures | Aerospace | Robotics & Drones | |
| Jarvis | Mumbai | – | – | Bestvantage Investments, Hem Securities Ltd | – | Financial Services | AI and Machine Learning |