Mumbai-headquartered logistics startup Smart Express is launching operations with a seed capital of Rs 100 crore. The round is led by IIFL India Private Equity Fund and Smiti Holding & Trading Company (Jalaj Dani family office).
Promoter and Founder Yogesh Dhingra, and other co-founders have also participated in this round. Investment is expected to happen in two tranches over the next two years linked to predefined business milestones to expand across cities and reach a certain scale.
The company plans to start operations in 30 cities in one go, and then set up 300 centers across India in the next three years. The funds will be used for creating pick-up and delivery units and transit hubs to service customers across India, as well as for hiring. Capital will also be earmarked for developing the tech-enabled platform to support ops.
Yogesh Dhingra, the Managing Director, and CEO, Smart Express, said, “We are committed to building a platform that provides high service quality and better products for our customers at competitive price points through a transparent process. Our state-of-the-art technology will help provide 360 visibility, faster transit time, and a 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.”
Before setting up Smart Express, Dhingra had led several initiatives to build a robust automated infrastructure at Blue Dart, where he has served as a chief financial officer, chief operating officer, and chief strategy officer. He played a major role in the acquisition of Blue Dart by DHL, according to a statement.
Smart Express said it will build business across segments including business-to-business, business-to-consumer (B2C), direct-to-consumer (D2C), customer-to-customer (C2C), and hyperlocal delivery over a period of time. In the air cargo category, the company will provide AM/PM deliveries based on customer requirements. It will also offer packages with 48/72/96 hours deliveries for cost-effective solutions.
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