GoComet raises SGD3 million in Series A Round Led by Leo Capital

Stocks and Financial Services Press Releases Friday August 23, 2019 09:00
SINGAPORE--23 Aug--PRNewswire/InfoQuest

GoComet today announced that it has raised SGD3 million in a Series A round led by Leo Capital, alongside SGInnovate and August One, with participation from existing investor,India Quotient. Headquartered in Singapore, GoComet also operates in India, Thailand, Indonesia, Dubai and Saudi Arabia. The company is in the process of expanding rapidly into other primary markets in Southeast Asia.

Using deep learning algorithms, GoComet's logistics resource management (LRM) SaaS platform reduces costs, saves time, optimizes operations, and increases deal transparency and efficiencies for enterprises' freight procurement processes. GoComet is co-founded by Gautam Jain, Ayush Lodhi, Mehul Katiyar and Chitransh Sahai, all alumni of the Indian Institute of Technology, Delhi.

To date, the GoComet platform has processed more than 19,680 tonnes of air freight, and 84,000 containers, with a Gross Freight Value of SGD235 million and 186,000 quotes. It is estimated to have saved over SGD27 million for its customers, which include some of the largest export and import companies across the commodities, pharmaceuticals, chemicals and FMCG sectors.

"Until now, the global international logistics industry has been plagued with inefficiency and opacity; we're here to change all of that. Our platform raises the level of innovation and technology within the industry, bringing it in line with other major sectors. This investment is a huge sign of confidence in our efforts to transform this sector. Also, we are looking for top talent to help us achieve this," said Chitransh Sahai, Co-Founder & Director, GoComet.

"International Freight is a large space and we see a lot of value being created through technology. GoComet's excellent team of serial entrepreneurs, superior technology and execution gave us the conviction to back them," said Shwetank Verma, General Partner, Leo Capital.

"Technological advances in AI and machine learning have the potential to make waves across multiple sectors touched by the logistics industry, from commodities to pharmaceuticals and more. GoComet already has a proven track record, where they are providing cost savings in supply chain management for some of the large corporates in Southeast Asia. We are excited to be part of their journey in building and scaling their technology beyond the region, to the world," said Pang Heng Soon, Head of Venture Building, SGInnovate.

About GoComet (www.gocomet.com)

GoComet is a logistics resource management (LRM) SaaS platform which reduces costs, saves time, optimizes operations, and increases deal transparency and efficiencies for Enterprises' freight procurement processes. GoComet is co-founded by Gautam Jain, Ayush Lodhi, Mehul Katiyar and Chitransh Sahai, all alumni of the Indian Institute of Technology, Delhi.

Co-Founder and Director
Chitransh Sahai
+65 8243 7053 & +91 8130980038
chitransh@gocomet.in

Latest Press Release

Photo Release : Grab Thailand joined forces with the Ministry of Agriculture and Cooperatives, launching 'Farmers’ Market’

Grab Thailand in collaboration with Ministry of Agriculture and Cooperatives (MoAC), led by Dr. Kengkran Louvirojanakul, Head of Public Affairs, Grab Thailand (2nd from left) and Mr. Alongkorn Polabut, the advisor to the Minister of Agriculture and...

BTS GROUP FY 2019/20 NET PROFIT GROWS 184% YoY TO 8.2 BILLION BAHT AGAINST THE COVID-19 PANDEMIC IMPACT

BTS Group Holdings Public Company Limited (BTS Group) posted an excellent set of financial results for fiscal year 2019/20 (from April 2019 to March 2020). In spite of slowdown in the last quarter of fiscal year due to the outbreak of the coronavirus...

Photo Release: KBank and EGAT Saving and Credit Cooperative signs an agreement to integrate financial service via mobile app

Mr. Silawat Santivisat (right), KBank Senior Executive Vice President, and Mr. Chartchai Rojanaratanangkule, Vice President and President of Financial Management Committee, EGAT Saving and Credit Cooperative Limited, signed an agreement on the...

Thailand-based insurtech Go! Insurance secures funding to launch its easy-to-access health insurance platform

Go! Insurance - a Thailand-based digital health insurance company - has raised pre-seed funding from investors and will be launching its service in Thailand to provide better and easier access to health insurance. Founded in late 2019 by two insurance...

K PLUS launches new features for loan management via K PLUS – you can pay off your loan faster without going to a bank branch

KASIKORNBANK (KBank) is always determined to give customers more convenience. With the launch of four new features on K PLUS, customers can easily manage and conduct their loan transactions via the K PLUS application, with no need to go to a bank branch....

Related Topics