Smart Express, a logistics technology startup, has raised Rs 100 crore in early capital ahead of its launch during the Christmas season. According to a statement made by the company on Wednesday, August 18, the Mumbai-based firm wants to start operations in 30 cities and open 300 centers across the country in the next three years.
According to reports, the funding was led by the IIFL Private Equity (PE) fund, with participation from other investors such as Smiti Holding & Trading Company (Jalaj Dani Family office), promoter, and creator Yogesh Dhingra, and other co-founders.
The cash will be used to set up pick-up and delivery units, as well as to develop a transportation hub infrastructure for consumers all throughout the country. The investment will be made in two tranches over the following two years, each tied to pre-determined business goals for expansion in many Indian locations.
Other significant areas where the company wants to invest money include the development of cutting-edge technology to support its operations and the creation of creative solutions that will allow clients to get services at the best possible price.
Smart Express will build its company over time in a variety of categories, including 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.
“With our cutting-edge technology, we will be able to give 360-degree visibility, shorter transit times, and a better client experience.” We’re also building a future-ready staff with a mix of industry knowledge, passion, and drive to make a difference in the market,” stated Yogesh Dhingra, Managing Director, and CEO of Smart Express.