Veteran industrialist Ratan Tata has invested in Mailit, a technology-driven mailroom management and logistics company.
While the financial details of the investment were not disclosed, Mailit said it plans to launch 500 mailrooms across India in addition to establishing fully mechanised warehouse and distribution centres in the next five years.
Mailit offers courier, cargo, 3PL, mail room management digital solutions and postal services to leading corporates and several blue chip companies in Tata Group.
The strategy focuses on building India’s first digitally Integrated Logistics & Mailroom Solutions (IL&MS) platform bringing the much-needed consolidation, enhanced efficiency and visibility to a fragmented market place, a statement said on Wednesday.
Mailit will focus on consolidating the entire value chain, bringing seamless end-to-end distribution with real-time visibility, thereby reducing the overall logistics and distribution costs, it added.
“With the government reiterating its commitment to strengthening the infrastructure sector, Tata believes the Mailit IL&MS platform will bring in cost optimisation, build operational efficiencies in the supply chain and create employment opportunities across India,” it said.
Mahesh Shirodkar, founder and CMD of Mailit, said the investment by Tata “opens up a wider growth prospect” for the company.
The Tata Sons chairman emeritus has been aggressively investing in start-ups, ranging from e-commerce firms, pet care companies to cab aggregators. In the past, he has backed companies such as Snapdeal, Kaaryah, DogSpot, Urban Ladder, Bluestone, CarDekho, Sabse Technologies, Xiaomi and Ola.
More funds
Digital therapeutics firm Fitterfly on Wednesday said it has raised $3.1 million (around Rs 23 crore) in a funding round led by Fireside Ventures. The pre-Series A round also saw participation from 9Unicorns, Venture Catalysts and a clutch of angel investors from India, US and Singapore, Fitterfly said in a statement.
Energy efficiency company Smart Joules has raised $4.9 million (about Rs 36.75 crore) in funding from a clutch of investors, including Raintree Family Office. Other investors included ADB Ventures, Sangam Ventures, Max I Limited and Saket Burman from Dabur family.
