- ByStartupStory | January 3, 2025
CargoFL, a B2B logistics technology platform, has successfully raised ₹6.75 crore in its seed funding round. The investment was led by YourNest Venture Capital and supported by prominent angel investors and accelerator funds.
YourNest contributed ₹4.7 crore to the round, with additional participation from Real Time Angel Fund and Peaceful Progress Angel Fund, which invested ₹50 lakh each. Sanchi Connect Accelerator added ₹25 lakh, and the remaining ₹80 lakh came from noted angel investors, including Dinesh Chandra Agarwal (MD and CEO of IndiaMART), Dinesh Gulati (COO of IndiaMART), Murugavel Janakiraman (Founder and MD of Bharat Matrimony), and Rajesh Sawhney (Founder of GSF Accelerator).
Founded in 2017 by Deepesh Kuruppath and Wasim Khan, CargoFL began as a transport management software provider for fleet owners and has since evolved into an AI-driven platform. The platform now serves enterprises in sectors such as retail, pharma, and manufacturing. The startup boasts a clientele of over 25 major companies, including Puma, Godrej, Schaeffler, Metro Brands, and Decathlon.
The funds will be used to build a sales engine to drive growth in India, Southeast Asia, the Middle East, North Africa, and North America. CargoFL also plans to enhance its product capabilities, focusing on logistics and supply chain automation, while allocating a portion for client onboarding and implementation.
The startup is targeting a $3 million annual recurring revenue (ARR) within 18–24 months by adding over 25 new customers in India and expanding internationally.
“CargoFL stands out with its robust, AI-powered platform, and a seasoned founding team driving AI adoption in the logistics sector. Its dual strategy of targeting India and expanding globally through client-led initiatives positions it for significant success,” said Girish Shivani, General Partner at YourNest Venture Capital.
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