Logistics firms are the backbone of the e-commerce industry. To grab the rising demand of logistics firms, Smart Express is planning to start its operations in the logistics industry soon. To do so, the startup has closed Rs 100 crore seed funding round.
Yogesh Dhingra to Launch Smart Express!
Smart Express, the upcoming logistics firm, has announced that it has raised Rs 100 crore in a seed funding round led by IIFL India Private Equity Fund and Smiti Holding and Trading Company (Jalaj Dani family office). Promoter and Founder Yogesh Dhingra, and other co-founders have also participated in this round.
Smart Express is promoted by founder Yogesh Dhingra. He has rich experience in the logistics industry. Earlier, he worked with Blue Dart Express Ltd on different key positions including CFO, COO, and CSO. As per internal reports, he was the mediator when DHL acquired Blue Dart Express Ltd.
Smart Express will receive the current seed capital in two portions over the next two years based on pre-defined milestones achievement like the expansion of the startup across India and reach a certain scale.
With its headquarter in Mumbai, the logistics startup plans to launch its operations in the coming festivals. As per initial reports, the company is first planning to start its operations in over 30+ cities of India. Later, it wants to establish 300 centers across India in the coming three years.
Smart Express Operations and Funding Utilization
Smart Express got a big boost in the form of Rs 100 crore seed funding before starting its operations. Now, the startup will deploy these funds in three major activities. First, the firm will build a technically sound production team for its future operations. Second, Smart Express will establish Pick-Up and Delivery (PUD) & transit hub infrastructure to provide fast and user-friendly services to its customers. Third, the Dhingra-led startup will collaborate with alliance partners to expand its operations all over India.
Smart Express will develop an advanced technology-based platform that will provide transparency and hassle-free tracking for the customers. It will also help the startup to provide instant solutions to the customers’ complaints if any.
Talking about the future platform of the firm, Dhingra, Managing Director and CEO of 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.”
India has plenty of logistics firms that are doing well, then why IIFL led the seed funding round of a new logistic startup? Answering this question, Vikrant Sibal, Senior Executive Vice President, IIFL AMC said, “India’s logistics space is vibrant and dynamic. In the current pandemic scenario, the importance of the sector has grown manifold.”
In its operations, Smart Express will cover all segments including B2B, B2C, D2C, C2C, and hyper-local delivery over a period. For air express, the firm will offer AM/PM deliveries as per customers’ requirements. The company will also introduce 48/72/96 hours delivery slots for providing cost-effective on-demand services.