Singapore SaaS startup GoComet nets $7m in Series A funding

GoComet, a Singapore-registered vertical SaaS platform for logistics and transportation, announced raising $7 million in a Series A funding round co-anchored by venture capital firms Atlas Ventures and Rider Global.

The funding will be used to further develop GoComet’s platform and expand its customer base in the US and Europe, according to the announcement. The company currently operates in Singapore, Thailand, Indonesia, the US, and Europe.

GoComet, established in 2018 by IIT Delhi graduates Ayush Lodhi, Chitransh Sahai, Gautam Prem Jain, and Mehul Katiyar, said its platform has enabled businesses to automate their end-to-end logistics profitably by reducing costs and increasing efficiencies for freight procurement processes.

The platform also allows companies to get automated real-time updates on worldwide port congestion, track shipments, and optimise operations, among others.

The company’s clients include Sun Pharma, Alliance Tires, ACG, Sapmer, Glenmark, Polyplex, and Lupin. To date, GoComet has raised $9.5 million in total funding.

“We are thrilled to have a group of investors who believe in GoComet’s ability to develop competitive supply chain technology solutions, especially at a time when global supply chains are facing unprecedented challenges,” said GoComet CEO and co-founder Gautam Prem Jain.

Jain added that the fresh funding will also be used to attract and retain key talent and expand GoComet’s customer base into new segments and markets.

The funding comes as Singapore’s freight and logistics market is forecast to register a growth rate of 8% in the 2022-2027 period, according to Mordor Intelligence.

In December, Singapore-based container haulage platform Haulio secured $5.75 million in Series A funding led by Heliconia Capital Management.

Other shipping startups in Southeast Asia include Indonesia-based Kargo, which raised $31 million in May 2020, and Inteluck, which is headquartered in Singapore but operates in the Philippines and Thailand. It raised $5 million in March 2020.