New Delhi, Apr 17 (PTI) Private equity firm Accel Partners has invested about Rs 40 crore in online freight logistics firm Cogoport , according to sources.

Cogoport, in a statement, said it has secured Series A funding round from Accel Partners but did not disclose the amount it has raised.

“The fund will enable Cogoport to invest in developing new products and fuel business growth by expanding globally and increase its footprint in domestic market,” the statement said.

Cogoport is an online international freight exchange currently offering price discovery and booking using a data-driven technology solution.

Incorporated in May 2016, Cogoport provides end-to-end global freight solutions for importers and exporters. The business model is built around principles of aggregation and marketplace.

Over the last year, we have been able to validate our firm belief that technology can transform the erstwhile frameworks of freight industry which are opaque by design and inefficiency in the system,” Cogoport founder and CEO Purnendu Shekhar said.

Accel’s Shekhar Kirani said: “The timing is right for disruptors in global logistics and freight category, as the market is massive and growing.” Accel, a leading venture capital firm, has invested in companies like BookMyShow, Flipkart, Housing-PropTiger, Myntra, Ola, Swiggy and UrbanClap.

This is published unedited from the PTI feed.