COGOS Technologies raises $2 million from Dubai, New York investors

Bengaluru: COGOS Technologies, a Bengaluru-based enterprise logistics company, has raised $2 million (about Rs 15 crore) from investors led by Dubai-based global shipping and logistics player Transworld Group and New York-based deeptech fund Worldquant Ventures.

“COGOS Technologies aims to further upgrade its model and expand the business both in India and overseas—providing customized tech solutions to its partners,” the company said in a statement on Tuesday. Ritesh S. Ramakrishnan, chairman of Transworld Group, is expected to join the COGOS board, it said.

India’s logistics market is pegged at $215 billion and is growing at a compounded annual growth rate of 10.5%, the statement said, attributing the numbers to research reports.


“COGOS was founded to integrate the fragmented and the unorganised logistic market. Going forward, we will continue to provide customised solutions to our partners and push ourselves to further provide the best experience to clients with our technology driven platform,” said Prasad Sreeram, CEO of COGOS Technologies.

Steven Lau, managing director, Worldquant Ventures, said: “We see COGOS evolving as a major player in the first, mid and last-mile delivery for enterprises in India. Their AI logistics platform will also have significant ESG (environmental, social and governance) impact as they integrate electric vehicle adoption into the delivery process.”

In its seed funding round, COGOS Technologies had raised $1 million from the Indian Angel Network, Emergent Ventures and some high-net-worth individuals.

In June, the company said it would augment its fleet with 2,500 electric vehicles across Bengaluru, Hyderabad, Delhi, Gujarat, Maharashtra and Tamil Nadu. By doing so, it hopes to reduce the carbon footprint of its fleet and achieve sustainable growth by reduction of 15,000 tonnes of carbon dioxide, when running at full capacity per annum.