E-Commerce delivery platform WOW Express to raise $12 million in Series A funding

Technology-enabled e-commerce delivery platform WOW Express is looking to raise $12 million in a Series A round of funding. The company has already raised a total of $3 million in early rounds of funding and is targeting revenues of Rs 100 crore in the next two years.

Approximately 70% of the targeted revenues is expected from e-commerce and the balance 30% from consumer to consumer, healthcare express, warehousing, e-fulfilment and banking. Among its major clientele are companies like Amazon, Nykaa, Myntra, Rediff, Snapdeal, Jabong and Paytm to name a few.

According to Sandeep Padoshi, co-founder and director, WOW Express, said, “We see tremendous potential even outside of the e-commerce industry. There is a dearth of quality players in this sector and hence a huge opportunity for us.” He did not share the deployment plan for the funds being raised. 

The company's average monthly last mile deliveries are expected to increase from 64,520 in 2015 to 4,68,000 by the end of the current financial year. Having clocked revenues of Rs 19.2 crore in FY'17 it is expecting to achieve revenues of Rs 30 crore in the current financial year. 

Its e-Commerce customer base moved from 16 in 2015 to 60 in the current financial year while presence has moved from 15 cities to 40 cities in the same period. “The strength of the service marshalls by end of the current financial year would be at 750 as compared to 360 in 2015,” company said in a statement.