The air express and ground logistics provider, Smartr Logistics, is set to raise USD 30 million in a Series A funding round in August this year. The company plans to invest in its aggressive expansion plans for the domestic market, including adding pin codes and product and service offerings. The Mumbai-based logistics startup will double the growth in its topline to around ₹250 crores this financial year from an estimated ₹90 crores in the last fiscal year.
The company started operations in October 2021 with ₹100 crores in seed funding from IIFL India Private Equity Fund and Smiti Holding and TradingCompany (Jalaj Dani Family Office). The Series A funding will be followed by Series B funding by early 2025 to fuel the company’s warehousing plans scheduled for the second half of 2024.
To expand their market coverage to 85 per cent, Smartr plans to add up to 4,000 pin codes by June this year, 6,500 by December 2023 and around 8,500 – 9,000 by June 2024. In addition, their door-to-door pickup and delivery service logged 40 per cent growth, and the express road service launched in December last year also received an encouraging response.
The company serves e-commerce, including forward and reverse logistics contributing significantly to its revenue figures. They are growing at around 35-40 per cent against an industry average of 30 per cent. Their B2B vertical is growing at 20 per cent compared to the industry’s 15 per cent. At this rate, the company expects to book a revenue of around ₹200 – 250 crores by March 2024 against estimated ₹90 crores in the financial year 2023.
Their e-commerce ground service will begin this month. Besides their plans for the domestic market, Smartr intends to enter the Middle East, followed by the US and Europe.