Logistics marketplace Cogoport gets Funding From Accel Partners In Series A

Mumbai-based Cogo Freight Pvt. Ltd, which owns and operates digital freight company Cogoport, has secured funding from venture capital firm Accel Partners led Series A round.

In a statement Cogoport said that the funds will be used to develop new products and expand its business in India and other countries.

Cogoport started operations in February 2017. The startup didn’t disclose the amount of funding it raised. However, a person close to the development hinted that the amount is close to Rs 40 crore ($6.2 million).

Cogoport had raised angel funding of $950,000 from a high-net-worth individual based in Singapore, according to a June 2017 report in Economic Times.

Purnendu Shekhar, co-founder and chief executive of Cogoport, said in the statement that the company follows a “customer-centric approach” and that this funding round will help the company expand globally.

Shekhar Kirani, Managing Partner at Accel Partners, said in the statement the Cogoport team has deep domain experience, strong technology background, and financial expertise. The team has “all the ingredients for targeting the sizeable global market”, Kirani said.