Cogoport
Indian digital freight forwarder helping SMEs book and track ocean/air cargo.
On the record
Checkpoint: Next financing event: fresh equity, bridge debt, distressed sale, or wind-down
The call
Cogoport has not raised equity in over four years, its revenue figures do not agree with each other, and an AI-native rival is now selling into its own customer list.
Cogoport is an online platform that helps small shipping companies find freight orders and get price quotes quickly, instead of making phone calls. The business is hard to defend because finding freight and pricing it are becoming basic tasks that any company can do, especially AI-powered startups like GoComet that are backed by fresh money and built from the ground up to do exactly this work. Cogoport has lost most of its staff in the past two years, stopped raising money four years ago, and its reported earnings numbers do not match up, which are all signs of serious trouble. The one thing that could turn this around would be fresh investment or a sale to a bigger logistics company, but with competitors pulling ahead and the company burning cash, the next six months will likely determine whether it survives at all.
Why
01
AI pressure: GoComet. GoComet's AI freight procurement tool is live and courting the same Indian SME shippers Cogoport built its business on. Could AI do the core job? Yes, likely.
02
Bigger players: Maersk, DHL, Kuehne+Nagel, DP World. These global forwarders have largely ignored small Indian shippers, but digital SME channels are now on their roadmap. Could a giant copy it? Yes, easily.
03
What protects it. An existing base of SME shippers and a trade finance line (Pay Later) that could be high margin if it were ever audited and proven.
What would change this call
GoComet or Pando announces signed contracts with former Cogoport SME clients in India. Would confirm direct customer defection to AI-native rivals.
Cogoport files audited FY25 revenue with the RoC. Would resolve the contradiction between Rs2.7 Cr and over Rs500 Cr figures.
A priced equity round, acquisition, or wind-down notice for Cogoport within 6-9 months. Would show whether Cogoport secures survival capital or collapses.
Cogoport files audited FY25 revenue with the RoC. Would resolve the contradiction between Rs2.7 Cr and over Rs500 Cr figures.
A priced equity round, acquisition, or wind-down notice for Cogoport within 6-9 months. Would show whether Cogoport secures survival capital or collapses.
Key numbers
- FY22 revenue Rs 741 crore, up 4.6x from Rs 158 crore
- FY24 revenue reported at Rs 2.7 crore, down from Rs 104.9 crore
- Total disclosed funding ~$133.6M, last round April 2022
Named risks
- No new equity funding raised since April 2022, over four years without a priced round.
- Headcount contracted 20.1% year-over-year to 354 employees by June 2026.
- Irreconcilable FY24 revenue figures ranging from Rs 2.7 crore to over Rs 500 crore across sources.
- AI-native competitor GoComet raised fresh Series B capital in June 2026 into the same SME freight niche.
- Glassdoor reviews allege backdated resignation dates to avoid retention bonuses, indicating cash strain.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| GoComet | losing to | GoComet closed a fresh Series B in June 2026 as AI-native platform while Cogoport has raised no equity since April 2022 |
| Freightos | losing to | Nasdaq-listed Freightos acquired Shipsta in 2024, expanding while Cogoport shrank headcount 20% by mid 2026 |
| Pando | contesting | Pando markets AI agents for logistics targeting the same freight workflow Cogoport automates via a 2023 chatbot |
| Flexport | contesting | Flexport is a tech-forward global freight forwarder competing for the same SME and enterprise shippers as of 2026 |
Questions people ask
- Is Cogoport profitable in 2026?
- No. Cogoport's India entity (Cogoport Private Limited) reported a Profit After Tax of -Rs 24.9 crore on just Rs 2.7 crore revenue in FY24, a net margin of -926%, per Inc42 financial data published 2026-05-28.
- Has Cogoport raised any new funding recently?
- No new equity round has been publicly reported since its $50M Series B led by Tiger Global Management on 6 April 2022. Caplight's 2025-04-11 tracker explicitly flags 'no recent growth signals' for the company.
- Is Cogoport laying off staff?
- Yes. Headcount fell from a peak of about 1,024 employees in May 2023 to 354 by June 2026, a 20.1% year-over-year decline, according to Crustdata tracking published 2026-06-20.
- Could AI replace Cogoport's core business?
- Its core rate-discovery and quote-generation workflow overlaps directly with AI-native rivals like GoComet, which closed a Series B in June 2026 marketing itself as an 'AI-Native Platform for Global Trade,' per CBInsights data from 2026-07-30.
- Who is Cogoport's biggest competitor?
- GoComet, an AI-native freight procurement and visibility platform, is the most direct competitive threat, having closed a fresh Series B round in June 2026 while Cogoport has not raised equity since April 2022, per CBInsights.
- Who owns Cogoport?
- Cogoport is privately held and venture-backed. As of March 2024, founders collectively held about 42.3% of equity and institutional investors held about 46.0%, per Inc42 cap-table data published 2026-05-28.
Timeline
- 2026-06-20Headcount down to 354 employees, a 20.1% YoY decline from 2023 peak of 1,024
- 2026-05-28Inc42 reports FY24 revenue of just Rs 2.7 crore, down 97.4% from Rs 104.9 crore in FY23
- 2025-04-11Caplight estimates valuation at ~$82.8M and flags no recent growth signals
- 2024-01-03Glassdoor reviews describe 2023 layoffs and backdated resignation dates
- 2023-06-04Entrackr reports FY22 revenue of Rs 741 crore, up 4.6x, with losses narrowed 83%
- 2023-05Trifecta Capital leads a debt financing round
- 2023-05Headcount peaks at approximately 1,024 employees
- 2022-04-06Cogoport closes $50M Series B led by Tiger Global Management
- 2017-03Cogoport launches its marketplace platform
- 2016Cogoport founded by Purnendu Shekhar and co-founders
Revision history
30 July 2026
First assessed. Little protection left. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Cogoport Corporate Profile (2022-06-09)
- Cogoport Funding 2026 (2026-05-28)
- Valuation, Funding Rounds & Stock Price (2025-04-11)
- Cogoport's GMV shoots up 4.6X to nearly Rs 750 Cr in FY22 (2023-06-04)
- Cogoport - Overview, News & Similar companies (2026-07-25)
- Cogoport Financials 2026 (2026-05-28)
- How Does Cogoport Company Work? (2025-07-11)
- Cogoport - Headcount, Funding & Open Jobs (2026-06-20)
- Cogoport Captable 2026 (2026-05-28)
- Cogoport Q&A (2024-01-03)
- Customer Segments, Revenue & Value Proposition (2026-07-24)
- A Global Trade Platform (2023-07-02)