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According to a report Smart Express a logistics startup raises $100 million ahead of its launch

Smart Express, a logistics technology startup, has raised 100 crores in early capital ahead of its launch over the next festive season. According to a statement made by the firm on Wednesday, August 18, the Mumbai-based company intends to begin operations in 30 cities and create 300 centres across the country over the following three years.

The financing was led by the IIFL Private Equity (PE) fund, with other investors including Smiti Holding & Trading Company (Jalaj Dani Family office), the promoter and creator Yogesh Dhingra, and other co-founders participating, according to news agency PTI.

The monies will be used to establish pick-up and delivery units, as well as to build a transportation hub infrastructure for consumers around the country. The investment is planned to be made in two tranches over the following two years, with each tranche tied to pre-defined business goals to expand in multiple Indian cities.

Other significant areas where the company intends to invest funds include the development of cutting-edge technology to support its operations and the creation of creative solutions that will allow clients to obtain services at the lowest possible cost.

Smart Express will gradually expand its business into categories such as B2C, B2B, D2C, C2C, and hyper-local delivery. The corporation will offer delivery based on customer requirements as part of its air express service offering.

“Our state-of-the-art technology will help provide 360 visibility, faster transit time and better customer experience. To make a difference in the market, we are also creating a future-ready team that has a combination of industry experience, passion and energy,” stated Yogesh Dhingra, Managing Director and CEO of Smart Express.

(With inputs from agencies)