Chennai-based tech-logistics startup Oxyzen Express has raised $3 million in a second tranche of its series C funding round.
The company, co-founded by Bala Aghoramurthy, Raghuraman R, and Patram Choudhary, operates in the express logistics industry, a sector with a market opportunity exceeding Rs 1.5 trillion. Oxyzen Express, which began its operations in early 2022, has quickly established a significant presence in the Indian logistics market.
Who are the investors?
The funding round was led by the Tamil Nadu Emerging Sector Seed Fund (TNESSF) and SNAM Group of Companies, with additional participation from various angel investors. The round of funding was facilitated by Lion Hill Capital, acting as financial advisors.
“Oxyzen’s leadership team, composed of seasoned industry veterans with a demonstrated track record, played a pivotal role in influencing our investment decision. As the logistics industry undergoes a transformative phase, we are confident that Oxyzen is exceptionally positioned to spearhead positive change through its innovative and cutting-edge solutions.” said Gana S K, TNIFMC
Optimizing and automating network decisions
Oxyzen Express has developed its proprietary tech stack, OWENS, which includes several industry-first design concepts aimed at enhancing customer experience and commercial efficiency. Notably, OWENS features the ‘Middle Mile Optimizer’, a tool that uses deep search data analytics in real-time to optimize and automate network decisions.
Revenue growth and client base
Since its inception, Oxyzen Express has rapidly expanded its operations, covering over 10,000 pin codes across India. The startup has reported nearly $6 million in revenue for the financial year 2022-23.
It claims to serve a diverse range of marquee corporate customers in sectors such as retail, pharma, FMCG, e-commerce, electronics, and auto.
“We are excited about this investment for many reasons. Logistics is a sunrise sector and within a short time period Oxyzen has been able to land large customers and scaled revenue aggressively. We are also very impressed with the incredible founding team who brings unparalleled sector experience to the business.” said Muralidhar Dhuddu, drector, SNAM Group of Companies.
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