Smart Express Private Ltd., a logistics start-up, has announced to start operations with seed capital of ₹100 crore raised from IIFL India Private Equity Fund and Smiti Holding & Trading Company (Jalaj Dani family office).
Promoter and founder Yogesh Dhingra, formerly with Blue Dart Express and other co-founders have also participated in this round, the firm said.
The investment will come in in two tranches over the next 2 years linked to pre-defined business milestones to expand across cities and reach a certain scale, it added.
The funds will be deployed for team building and creating pick-up and delivery (PUD) and transit hub infrastructure to service customers across India. Other key areas where the funds will be utilised include development of technology to support operations and building solutions for customers.
The firm plans to commence its operations during the festive season this year from around 30 cities. In the next 3 years, it plans to build over 300 centres across India, which will include its own PUD service centres, transit hubs, and alliance partners.
Yogesh Dhingra, managing director and CEO said the firm would provides high service quality and better products for customers at competitive price point through transparent process. “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,” he added.
Source: Read Full Article