Florintree, Ritesh Agarwal invests Rs 50 crore in Freight Tiger

The Mumbai-based Florintree Capital, along with a clutch of investors, invested about Rs50 crore ($6.5 million) in Freight Tiger, India’s largest digital freight network.

The round also saw participation from Oyo Founder, Ritesh Agarwal’s family office Aroa Ventures and existing investors Lightspeed India Partners, Moonstone Investments and Pawan Munjal Family Trust.

Florintree Capital is founded by Mathew Cyriac, who was earlier a Senior Managing Director at The Blackstone Group and served as its Co-Head of Private Equity at Blackstone Advisors.

Founded by Swapnil Shah, Freight Tiger currently has over 300 shippers and 4000 transport companies on its platform. Some of the company’s customers include Saint Gobain, Dalmia Group, , BLR Logistiks, Patanjali, Kohler and MRF.

Post Mathew’s early investment in 2017, Freight Tiger attracted two rounds of funding from Shriram Transport, Lightspeed India, Punit Dalmia of Dalmia Cements, Pawan Munjal and Vishal sharma – former CEO of Gateway Rail.

In 2019, Freight raised $8million ( Rs 55 crore) from investors, led by Lightspeed India Partners along with Alsthom Industries and Pawan Munjal Family Trust.

“We have seen rapid acceleration in adoption over the last 12 months on our software platform and digital freight network. We today process close to 4% of India’s FTL volume on our software platform,” said Swapnil Shah, Founder & CEO, Freight Tiger.

Our differentiated approach of software led end-to-end digitization is bringing the ecosystem together and making the $125 bn Indian freight market more seamless, collaborative & transparent. We are on track to hit $100 mn in annualized Gross Revenue by the end of this fiscal year, he added.

“Freight Tiger is well positioned to transform the very complex Indian logistics sector in the next few years. I am looking forward to working with Swapnil and the other Board members in this exciting phase of Freight Tiger,” said Mathew Cyriac, Executive Chairman, Florintree Advisors.

Mathew will be joining the Board with this follow-on Investment.

During his stint at Blackstone, Mathew had made two logistics investments such as Allcargo Logistics and Gateway Rail.

In June, Florintree Capital had acquired about 20% stake in Data Patterns, Chennai based defence supplier Data Patterns (India) Private Limited.

Cyriac’s other investments include MTAR Technologies, garment exporter Gokaldas Exports, CMS IT Services, insurance broker OneInsure, subway sandwich chain Bread Basket, loan provider CASHe, and

startup City Cash.


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