Bengaluru-based logistics tech startup Citrus Freight has successfully raised Rs 2.5 crore in a bridge funding round. The investment comes from Caret Capital, Indigram Labs Foundation, and several strategic investors. This round of funding increases the total capital raised by the company to Rs 5.25 crore.
The newly acquired funds will be utilized to expand Citrus Freight’s team and enhance its digital infrastructure, which plays a crucial role in its operations.
Innovative Solutions for Perishable Goods
Founded in 2016 by Biplob Barik and Ricky Goyal, Citrus Freight is focused on revolutionizing the refrigerated container shipping sector for perishable goods. The startup operates a mobile-first platform that streamlines the process for Indian exporters to book refrigerated containers. It offers comprehensive services, including customs clearance, surface transport, and real-time temperature monitoring.
Citrus Freight specializes in handling temperature-sensitive items such as fruits, vegetables, meat, and flowers, primarily catering to small and medium-sized enterprises (SMEs) in the agricultural export industry. By significantly reducing the booking time from 72 hours to just 10 minutes, the platform has also helped reduce spoilage and expanded client market reach by over 40%.
Future Plans and Revenue Goals
The startup supports exports to various regions, including Europe, the Middle East, and Southeast Asia. Its digital dashboard integrates features like predictive analytics and compliance workflows, offering exporters enhanced control over their shipments.
Citrus Freight emphasized its commitment to addressing export inefficiencies faced by Indian SMEs, empowering them to compete on a global scale. The new funding will also focus on advancing its technology, particularly enhancing analytics and the critical temperature tracking capabilities essential for transporting perishable goods.
Looking ahead, Citrus Freight aims to handle 1,500 containers and generate Rs 45 crore in revenue within the next 12 to 24 months.
