Logistics Startup Smart Express raises INR 100 crore led by IIFL India Private Equity Fund
Smart Express, a logistics startup based in Mumbai, is beginning with a seed financing of Rs 100 crore. IIFL India Private Equity Fund and Smiti Holding & Trading Company are leading the round (Jalaj Dani family office).
Yogesh Dhingra, the promoter and founder, as well as other co-founders, took part in this round. Over the following two years, investment will be made in two tranches, each tied to certain business objectives such as expanding across cities and reaching a particular scale.
Yogesh Dhingra, the former CFO, COO, and CSO of Blue Dart Express Ltd, is the CEO of Smart Express. Dhingra was an integral part of DHL's acquisition of Blue Dart. With over 27 years of expertise in the logistics industry, he has spearheaded various efforts at Blue Dart to establish an automated infrastructure.
The funding will be used to grow teams and build Pick-Up and Delivery (PUD) and transit hub infrastructure to serve clients throughout India. Other significant areas where the funds will be used include the development of unique and cutting-edge technologies to support operations and the creation of creative solutions that will allow clients to receive best-in-class services at the best possible price.
Yogesh Dhingra, 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 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.”
This year, the business hopes to launch operations in roughly 30 cities throughout the holiday season. Smart Express plans to establish over 300 centres across India in the next three years, including its own PUD service centres, transportation hubs, and alliance partners.
Speaking on initial fund raise and leading the round, Vikrant Sibal, Senior Executive Vice President, IIFL AMC added, “India’s logistics space is vibrant and dynamic. In the current pandemic scenario, the importance of the sector has grown manifold. We are happy to embark on this exciting journey with the vastly experienced Smart Express Team.”
Over time, Smart Express will expand its company into categories such as B2B, B2C, D2C, C2C, and hyper-local delivery. The company will provide AM/PM deliveries based on customer request as part of its unique service offering in the air express category. The company will also offer packages with 48/72/96 hour deliveries for cost-effective alternatives to customers who cannot afford air services.
Yogesh Dhingra, the promoter and founder, as well as other co-founders, took part in this round. Over the following two years, investment will be made in two tranches, each tied to certain business objectives such as expanding across cities and reaching a particular scale.
Yogesh Dhingra, the former CFO, COO, and CSO of Blue Dart Express Ltd, is the CEO of Smart Express. Dhingra was an integral part of DHL's acquisition of Blue Dart. With over 27 years of expertise in the logistics industry, he has spearheaded various efforts at Blue Dart to establish an automated infrastructure.
The funding will be used to grow teams and build Pick-Up and Delivery (PUD) and transit hub infrastructure to serve clients throughout India. Other significant areas where the funds will be used include the development of unique and cutting-edge technologies to support operations and the creation of creative solutions that will allow clients to receive best-in-class services at the best possible price.
Yogesh Dhingra, 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 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.”
This year, the business hopes to launch operations in roughly 30 cities throughout the holiday season. Smart Express plans to establish over 300 centres across India in the next three years, including its own PUD service centres, transportation hubs, and alliance partners.
Speaking on initial fund raise and leading the round, Vikrant Sibal, Senior Executive Vice President, IIFL AMC added, “India’s logistics space is vibrant and dynamic. In the current pandemic scenario, the importance of the sector has grown manifold. We are happy to embark on this exciting journey with the vastly experienced Smart Express Team.”
Over time, Smart Express will expand its company into categories such as B2B, B2C, D2C, C2C, and hyper-local delivery. The company will provide AM/PM deliveries based on customer request as part of its unique service offering in the air express category. The company will also offer packages with 48/72/96 hour deliveries for cost-effective alternatives to customers who cannot afford air services.
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