The Delhi, NCR-based business will use the new cash to enhance its existing artificial intelligence tech stack and expand its operations overseas. The firm last raised $15 million in a Series B financing backed by GEF Capital’s South Asia Fund in 2021. The funding comes at a time when third-party logistics in India is expected to reach $35.86 billion this year and expand at a CAGR of 3% to $40.35 billion by 2028.
3SC, a supply chain planning and logistics startup, has secured $4 million (about INR 33 crore) from its previous investor, GEF Capital’s South Asia Growth Fund.
The Delhi NCR-based business has decided to use the newly raised cash for the expansion of their AI tech stack and to diversify their operations overseas.
In this context, it is aimed to be ahead of the competitor by improving its AI based SaaS product which is primarily focused on Europe and the US.
Lalit Das and Sarita Das co-founded the 3SC company in 2012 to offer logistics solutions and supply chain analytics for the pharmaceutical, FMCG, ecommerce, and industrial sectors respectively. The startup offers AI/ML driven solutions for forwarding, sortation, control towers as well as 4PL.
“…We intend to expand our activities in worldwide markets, particularly by strengthening our SaaS services. The investment will accelerate our expansion and strengthen our products, resulting in increased value for our clients and stakeholders. “At 3SC, we strive to be the best in our field and dominate the market,” Sarita Das said about the fundraiser.
The firm raised $15 million in a Series B funding arranged by the GEF Capital’s South Asia Fund in 2021. While that time, the company intended to update its existing software to strengthen its visibility in the European and Southeast Asian markets.
This is the result of our faith in the company’s leadership and innovative tools. In our opinion, 3SC can make a meaningful difference in the market segment, and we are committed to assisting 3SC to grow and expand much more efficiently,” Raj Pai, managing partner at GEF Capital, stated.
The funds come at the right moment for 3PL companies, which are growing exponentially. As indicated by Statista, the income of 3PL in India is likely to surpass $35. This year $86 billion will spend and an annual growth rate of 3% CAGR to $40. 35 billion by 2028.
