Oxyzen Express, a Chennai-based company, has raised $3 million (around Rs 25 crore) in seed funding from a line-up of investors led by Tamil Nadu Emerging Sector Seed Fund (a SEBI-registered AIF managed by Tamil Nadu Infrastructure Fund Management Corporation) and SNAM Group of Companies (a manufacturer of alloys and abrasives) along with participation from other angel investors.
Co-founded by a team of eight industry executives led by Bala Aghoramurthy, Raghuraman R and Patram Choudhary, Oxyzen commenced business operations in early 2022 and has scaled to nearly $6 million in revenue for the financial year 2022-23. Its proprietary tech stack, called OWENS, aims at disrupting the Partial truck load/express logistics industry by ensuring competitive transit times between source and destination locations. The company has a total addressable market opportunity in excess of Rs 1.5 lakh crore, it said in a statement.
