Business Standard Logistics optimising platform MatchLog raises $3 mn in pre-series-A round
MatchLog claims it is India's first firm to offer at scale the ability to turnaround a container from import to export cycle, thereby eliminating empty runs to and from container yards
Topics
funding | logistics | Startup
BS Reporter | Mumbai Last Updated at January 19, 2022 14:31 IST
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MatchLog, a container logistics optimisation platform, has raised $3 million in its pre-series A round through Blue Ashva Capital, a leading Singapore, India-based venture capitalist Rainmatter Climate, and Capital-A, a Bengaluru-based early-stage investor.
The capital raised will be deployed to develop the tech platform further for AI- and machine learning-based pairing of cargo across India, grow the multi-modal share in addition to road transport and expand its footprint to more ports in India and around the world.
MatchLog is the first company in India to offer at scale the ability to turnaround a container from an import to export cycle, thereby eliminating unnecessary empty runs to and from the container yards, said the company. MatchLog claims its work results in significant fuel savings and directly contribute to the decarbonisation goals of the shipping industry. In 2021 alone, MatchLog saved 1 m + kgs of carbon emission through its efforts.
Dhruv Taneja, Founder, MatchLog, said, “I am glad to partner with marquee investors like Blue Ashva and Raimatter who value and share the same passion of solving the global problem of carbon emission which is our main mission at Matchlog. We will start with India and then expand to the Middle East, Africa and South East Asian markets in the next 12-18 months. At MatchLog, our mission is to reduce at least 100 million tonnes of carbon through our platform in the coming five years."
Today, when a shipping container comes into the country, it is de-stuffed at the importer’s location and brought back empty to the container yard in order to close the import cycle for the shipping line. These empty containers are again picked up from the yards and brought to the exporter’s location for stuffing and finally loaded on to the ship for export. There are multiple redundant legs in the trip and a lot of fuel and time are wasted carrying empty containers to the yard and back. In India alone, there are more than 17 million empty trips annually leading to more than $2 billion worth of fuel wastage and 2 million tonnes of carbon emissions.
Satya Bansal, Founder, Blue Ashva Capital, said, “Decarbonisation is one of the key foci of the shipping industry globally. Efficient turnaround of containers and reduction of empty haulage can bring efficiency and reduce carbon emissions. We’re excited to work with the MatchLog team to contribute our part in making the shipping industry more sustainable.”
Sameer Shisodia, CEO at Rainmatter, said, “At Rainmatter, we're always happy to support technology and efforts that can help make a large dent in the climate problem we're all staring at. Shipping and logistics is a huge part of the emissions puzzle globally, and Matchlog has taken on the problem of reducing inefficiencies and the footprint inherent in these operations today. As their reach scales and there is creased visibility intelligence around shipping and logistics, we are excited by the huge optimization possibilities, both economic as well as ecological, this creates for supply chains.”
Ankit Kedia, Founder, Capital-A, said, “The Indian logistics sector, especially areas such as container movement, has been traditionally held back due to the lack of adequate technology. And now, companies like MatchLog are helping overcome such challenges. They have built an excellent platform that would make a major positive impact on the EXIM logistics, and we are glad to support them in this endeavour.”
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