Wow Express, the Mumbai-located logistics startup, declared that it has lifted $4.5 Million (almost Rs 30 Crore) in a Series A funding round. Current seed fund sponsors comprised the participation of Mansukhani family’s Tamarind family trust in the round of funding. In total, the firm has lifted $7.2 Million.
Established in 2015 by Jaysh Kamat, Sandeep Padoshi, and Mazhar Faruqi, Wow Express offers last mile, first mile, and e-fulfillment & warehousing solutions for ecommerce deliveries. It also follows an asset-light enterprise model.
In an interview, Sandeep, who is Wow Express’ Director, claims, “With this funding round we plan to increase our geographical reach and revenues by 2 times. The emphasis persists to be on offering Wow Service to our users while maintaining our Service Marshals at the core of each thing we do. The funds are going to be employed to make stronger our IT leadership and platform.”
Unlike market leaders of online shopping delivery such as Delhivery or EcomExpress, Wow Express offers air transport for intra-city processes to make sure quicker delivery. It has over 40 ecommerce customers, comprising Amazon, Nykaa, Blue Fox, Lime Road, Vista Print, Tata CliQ, and Shein amongst others.
Speaking of Tata CliQ, the Tata Group controlled e-commerce marketplace will roll out an e-wallet wholly for use in the platform and ultimately foray into trading services such as funding services. It also aims to increase 2 times the current 60 brands that have set up their omnipresent channel on the marketplace in 1 Year. These are sections of the plans to turn out to be the biggest omni-channel platform of the country for which it will carry on the spending mode while aiming to break even in upcoming 3 Years to 4 Years, claimed CEO at Tata UniStore, Ashutosh Pandey, to the media in an interview.