The company plans to expand into 15 countries in Southeast Asia, West Asia and Africa. The company also plans to double headcount and set up two research centres in AI, blockchain and connected devices in Singapore and Bengaluru.
Founded in August 2020 in Chennai by serial entrepreneurs Ramkumar Govindarajan and Ramkumar Ramachandran, Wiz helps exporters and importers in emerging markets book and manage their cross-border shipments on its tech platform. The company’s AI platform offers capacity discovery, dynamic pricing and enables shippers optimise their route.
We have been profitable right from inception. We are growing at 20% month-on-month over the last twelve months. We plan to achieve a revenue increase of 300% this year,” chief business officer Ramkumar Ramachandran told ET in an exclusive interaction.
Wiz, in January, had raised Rs 20 crore in debt from Stride Ventures. The Series A fund infusion involves a mixture of equity and debt, said the release.
Wiz has large business houses such as Adani, ITC, and the Tata Group as customers, helping them ship cargo across the world.
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Griffin Schroeder, Partner at Tiger Global said Wiz was building a “leading digital cross border transporter in emerging markets,” making the investor sanguine about the opportunity, said the release.
Ramachandran said the current crisis caused by the Russia-Ukraine war may have caused a temporary disruption in the supply chain for shippers, but for companies such as Wiz Freight, the disruption would prove to be beneficial in the long run. Ramkumar said adverse market conditions have often led to quicker adoption of technology-led solutions, as seen in the digital transformation of companies in the wake of the pandemic.
