COGOS Technologies, the Bangalore based enterprise logistics company raised a total of $2 million in Pre-Series A funding. The round was led by Dubai based Global Shipping and Logistics player Transworld Group and Newyork based deep tech fund Worldquant Ventures and more. Ritesh S. Ramakrishnan of Transworld Group will be joining the COGOS board.
With this fundraising, COGOS plans to expand its business to the internal market and further strengthen and develop its technology platform. Cogos aims to further upgrade its model and expand the business both in India and overseas – providing customized tech solutions to its partners.
Prasad Sreeram, co – founder & CEO, COGOS said, “COGOS was founded to integrate the fragmented and the unorganized logistic market. We are very happy to have global logistic players and Deeptech VCs believing in the potential of COGOS Platform. Going forward, we will continue to provide customized solutions to our partners and push ourselves to further provide the best experience to the clients with our technology driven platform.”
As per research reports, the estimated size of the Indian logistics market is pegged at $215 billion and is growing at a CAGR of 10.5% , contributing majorly to the growing GDP of the country. With rural India opening to the concept of e-commerce, it will be crucial for the logistic business players to address upcoming challenges and ensure building an infrastructure for the business that can expand even to the remote areas.
Chetan Mehta, CEO of Wami Capital – Single Family Office of Transworld Group said that “We are very bullish on the India growth story which is led by both consumption and innovation. Logistics in India is an over $300 billion market and is highly fragmented and unorganized. We see a huge growth opportunity in the Indian logistics’ space especially in the Tier 3 and 4 cities which are underserved today.”
In its seed funding round, COGOS had raised $1 million (around Rs 7 crore) from the Indian Angel Network (IAN), Emergent Ventures and some high-net-worth individuals.
Steven Lau MD of Worldquant Ventures quoted “We see COGOS evolving as a major player in the first, mid and last mile delivery for enterprises in India. Their AI logistics platform will also have significant ESG impact as they integrate EV adoption into the delivery process. We are very excited to be involved early and help them grow into a Global platform.”
In the month of June, COGOS became the pioneer to announce EV adoption in the logistics business.The group will augment its fleet by 2,500 electric vehicles (EV) across Bangalore, Hyderabad, Delhi and Gujarat, and later in Maharashtra and Tamilnadu. This initiative is the COGOS commitment to reduce the carbon footprint of its fleet and achieve sustainable growth by reduction of 15000 tonnes of CO2, when running at full capacity per annum.
Source : Business Standard
