SINGAPORE, Aug. 22, 2019 /PRNewswire/ -- 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
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