Logistic startup Freight Tiger has raised 11 Cr in a series B2 round led by existing investor Lightspeed Venture. Moonstone Investments and existing investors Pawan Munjal Family Trust and Astarc Ventures also participated in the series B2 round.
According to regulatory filings, Lightspeed Venture contributed INR 6.5 Cr and has been allotted 19,468 convertible preference shares. Pawan Munjal Family Trust, which is owned by Hero Honda MD Pawan Munjal, is the seconding largest contributor in the funding tranche. Pawan Munjal Family Trust contributed 2.49 Cr and has been allotted 7454 shares.
It must be duly noted that Freight Tiger had raised 25 Cr in series B1 round in March 2020. This round was again led by Lightspeed while Moonlight Investments had also participated in the round.
The Mumbai based startup is likely to raise more funds in Series B2 round, since it has only allotted 33,580 shares out of 50,000 series B2 shares. The company has recently added 50,000 series B2 shares to its authorized share capital.
Freight Tiger all set to raise INR 3. 65cr debt funding from Ritesh Agarwal’s Arora Ventures
Freight Tiger’s board has approved the resolution to raise INR 3.65 Cr debt funding from Ritesh Agarwal’s newly created investment firm Arora Ventures. This is according to the MCA filings filed by the company. The company has allotted convertible notes to Arora Ventures for securing debt investment.
Oyo’s Ritesh Agarwal had floated investment firm Arora Ventures last year with an aim to back up early stage startups. Freight Tiger will go down as one of the first portfolio companies of Arora Ventures.
Freight Tiger had earned a total revenue of about INR 5.85 Cr in FY20 as compared to INR 2.72 Cr earned in FY19. The company’s total expenses in Fy20 stood at around 37 Cr as compared to INR 19.56 Cr in Fy19.