Agraga, a logistics startup, raised 70 Cr; it plans to resolve intermediary deliveries

By siliconindia  |  Friday, 19 May 2023, 17:00 IST

Agraga, a logistics startup, raised Rs. 70 Cr; it plans to resolve intermediary deliveries
Agraga, a digital logistics startup, raised around 70 crores (equivalent to $8.51 million) in a Series A round led by IvyCap Ventures, and Alteria Capital also participated.  The startup said that the funds would be used for expanding operations in India from its current presence in just three cities. It aims to spread to more than 15 cities by March 2024. 
Agraga’s primary goal is to develop connections with asset partners including warehouses, client departments, and transporters, and to expand its technology so that it can provide end-to-end solutions globally. Moreover, the startup also aims to resolve the challenges related to deliveries with various intermediaries.
Venkatesh Narayanaswamy and Anoop Raghavan co-founded the logistics firm, which debuted in 2021. It offers many services such as rail and road transport, warehousing, ocean and freight, insurance, customs, and finance.  Moreover, the startup is said to have a digitally equipped ecosystem along with partner integration, data analysis, product curation, and optimizing supply chains so that it could provide adaptable solutions which could cater exclusive needs of every customer. 
As of now, the startup claims to have 200 customers in the enterprise and MSMEs sector. Apart from this, there are 500 digitally connected partners.  Agraga plans to expand its cross-border and contract logistics business into the developing markets of the SEA and ISC regions. The startup also aims to achieve this goal by offering a start-of-the-art digital ecosystem to the MSMEs and enterprises. This would enable them to take their logistics operations to a different level.
Vikram Gupta, founder and managing partner of IvyCap Ventures commented on the investment. He said that Agraga’s platform leverages technology to provide a streamlined, transparent, and most of all, cost-effective approach to the supply chain ecosystem. He added that there is excitement because of this vision as it is believed to transform the global logistics industry.
Narayanaswamy, one of the co-founders, said that the Indian government is targeting to increase its exports to USD 2 trillion by 2030. Therefore, to achieve this aim, technology is important, and Agraga’s advanced technology would be of great help. He continued by saying that Agraga’s delayered supply chain offers considerable cost savings, and that the company’s streamlined procedure reduces the amount of coordination and monitoring required of its clients
Lastly, he said that Agraga can offer sustainable solutions to thousands of MSMEs as it continuously broadens its national and international presence while maintaining a low-touch business approach. And their ultimate goal is to provide a top-notch experience to all of their partners and customers while generating long-term value for all of our stakeholders. 

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