The logistics platform aims to expand its hyperlocal delivery network and enable movement of essentials.

Logistics platform LoadShare Networks raised $13 million in Series B funding led by Singapore-based venture capital firm Beenext. CDC Group and existing investors - Stellaris Venture Partners, Matrix Partners, and Alteria Capital also participated in the round.

The Bengaluru-based firm plans to use the funds to deepen its essentials supply chain network in the FMCG, pharmaceuticals and grocery space. The company aims to expand its hyperlocal delivery network and enable movement of essentials.

Raghu Talluri, CEO, LoadShare, said: “This investment is timely as it helps us deepen our engagement with clients and continue building capabilities through investments in technology, attracting the best talent, geographic expansion and undertaking new initiatives.”

The fresh funds come in the backdrop of logistics business being hit due to the ongoing lockdown with only essential items being allowed, which is reportedly causing a downfall in revenue for the 40 days.