🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Reefer container shipping platform Citrus Freight raises bridge round

EntrackrEntrackr · 6m ago
Reefer container shipping platform Citrus Freight raises bridge round
Medial

Reefer container shipping platform Citrus Freight has raised Rs 2.5 crore in a bridge funding round, bringing its total funding to Rs 5.25 crore to date. The round saw participation from Caret Capital, Indigram Labs Foundation, and other investors. The proceeds will be used to strengthen the team and scale the company’s technology stack, including enhancements to its mobile-first platform, Citrus Freight said in a press release. Co-founded in 2016 by Biplob Barik and Ricky Goyal, Citrus Freight focuses on perishable logistics, particularly in the agricultural sector. The company offers a digital platform for booking refrigerated containers, providing end-to-end solutions including customs clearance and surface transport. It is known for its expertise in handling fresh produce, meat, marine products, and flowers, facilitating their export to global markets. Citrus Freight specializes in perishable logistics, offering services for a wide range of commodities such as fruits, vegetables, meat, marine products, and flowers. It provides a comprehensive suite of services, including container booking, customs clearance, surface transport, and dedicated customer support. The company utilizes temperature monitoring devices and real-time data to ensure the integrity of perishable goods during transportation. According to the Bengaluru-based company, it facilitates the export of Indian produce to various global destinations, including Europe, the Middle East, and Southeast Asia. The startup addresses export inefficiencies through an integrated mobile app that offers booking, compliance, temperature tracking, and predictive analytics. Citrus Freight states that it has focused on solving the perishable export challenges faced by SMEs, empowering them with the tools and infrastructure required to scale globally. The company claims to have reduced booking times from 72 hours to just 10 minutes and has helped clients minimize spoilage while expanding market reach by over 40%. Over the next 12–24 months, Citrus Freight aims to generate Rs 4.5 crore in revenue, with a target of moving 1,500 containers. It faces competition from other companies in the space, such as Wiz, Cogoport, and Intercont.

2

Related News

For India’s shipping industry, a new rule promises to be a game-changer

LivemintLivemint · 1y ago
For India’s shipping industry, a new rule promises to be a game-changer
Medial

- Shipping ministry finalizing rules mandating international container lines operating in Indian seas to reserve at least 5% of their cargo space for domestic operators. - Vessel-sharing agreements among container lines operating in India must include a 5% reservation for the movement of domestic cargo ships, as per draft regulations issued by the Directorate General of Shipping. - The aim of the new rules is to boost business for Indian container lines on global routes and help domestic non-vessel operating common carriers (NVOCCs) find more space on international carrier lines for their clients' cargo. - State-owned Shipping Corp. of India (SCI) would be the biggest beneficiary of the new rules as it intends to acquire and hire eight large container ships in the coming months. - These proposed changes aim to promote fair competition, enhance transparency, and provide better representation for Indian shipping lines and NVOCCs in the global container trade.

MatchLog Solutions raises $1.5 Mn in pre-series A round

EntrackrEntrackr · 1y ago
MatchLog Solutions raises $1.5 Mn in pre-series A round
Medial

MatchLog Solutions, a sustainable container logistics and supply chain optimisation, has raised $1.5 million in its pre-series A round led by Motion Ventures and July Ventures, with participation from Venture Catalysts, Blue Ashva Capital, and Capital A. Earlier in 2022, MatchLog had raised $3 million from Blue Ashva Capital, Rainmatter Climate Technologies, and Capital-A. The proceeds will be used to enhance sustainability and carbon efficiency in container logistics, the firm said in a press release. The investment will also expand MatchLog’s market presence, enhance strategic partnerships, and deepen collaborations within the global shipping and port ecosystems. MatchLog’s triangulation solution, which pairs import containers with export requirements, effectively eliminates unnecessary dry runs and reduces the trips containers make back to depots when empty. With its expansion, MatchLog is set to increase its footprint and scale in India, thereby maximising efficiency in container usage and transport listics. This strategic growth is projected to handle around 4-5 million containers annually, resulting in a substantial reduction of 200,000 metric tonnes of carbon emissions each year. The startup claims that it will eliminate 10 billion km of unnecessary travel globally in the EXIM container supply chain, continuing to set new standards in the industry.

Agraga raises Rs 100 Cr in pre-Series B led by Bajaj Finserv Group

EntrackrEntrackr · 11d ago
Agraga raises Rs 100 Cr in pre-Series B led by Bajaj Finserv Group
Medial

Agraga raises Rs 100 Cr in pre-Series B led by Bajaj Finserv Group Digital freight forwarder Agraga has raised Rs 100 crore (around $12 million) in its pre-Series B round led by Bajaj Finserv Group, with participation from existing investor IvyCap Ventures and select global angel backers. Agraga had earlier raised Rs 70 crore in its Series A round in May 2023, led by IvyCap Ventures with participation from Alteria. The proceeds will be used to expand its cross-border logistics platform, strengthen its LCL (Less-than-Container Load) vertical, scale automation and visibility tools, and deepen its presence across major export hubs. Founded in 2021, Agraga provides a unified platform that integrates freight booking, customs, warehousing, and embedded financial services. The firm aims to simplify cross-border logistics for MSMEs and mid-market enterprises by offering real-time pricing, tracking, and compliance workflows. Agraga claims to have built its stack around four layers which includes discovery, tracking, execution, and data-driven decision-making. Agraga serves more than 700 customers and 1,000 vendors across 40 global trade lanes. It also partners with financial institutions including ICICI Bank and IDFC First Bank. Its subsidiary Byteport Logistics focuses on channel-partner aggregation for MSME and LCL customers. Bajaj Finserv backs Indian startups through its corporate venture arm, Bajaj Finserv Ventures, and its newer alternative investment subsidiary, with a focus on fintech, healthcare and technology.

Download the medial app to read full posts, comements and news.