 "startups, funding, business")
Chennai-based tech-logistics company Oxyzen Express has successfully closed its seed capital fund raise round two at $3 million (approx Rs 25 crore).
The company operates within the highly competitive express logistics industry which boasts a total addressable market opportunity in excess of Rs 1.5 trillion. The company was co-founded by a team of 8 industry veterans, led by Bala Aghoramurthy, Raghuraman R and Patram Choudhary, with a vision to 'Reimagine Logistics' in India.
The fundraise happened through the course of this current financial year with lead investors such as Tamil Nadu Emerging Sector Seed Fund (TNESSF, a SEBI registered AIF managed by Tamil Nadu Infrastructure Fund Management Corporation Limited) and SNAM Group of Companies (a manufacturing conglomerate in alloys and abrasives), along with participation from a host of other Angel investors.
The company established its pan-India network covering over 10,000 pincodes and commenced business operations in early 2022. Within a short period, Oxyzen established its market presence nationally, scaled to nearly $6 million in FY2022-23 revenue. Today, Oxyzen serves many marquee corporate customers across multiple industry sectors including retail, pharma, FMCG, ecommerce, electronics and auto.
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Oxyzen's USP is its recently launched proprietary tech stack, namely, OWENS, which incorporates many industry-first design concepts that shall deliver superior customer experience along with industry leading commercial efficiency. A significant innovation within OWENS is the Middle Mile Optimizer that performs Deep Search Data Analytics in real-time to optimise and automate everyday network decisions.
The fundraise was facilitated by Lion Hill Capital 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
"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.
