Nuvocargo operates an all-in-one digital platform for cross-border trade between the U.S. and Mexico, centralizing freight and customs workflows. Its product suite includes Freight, QuickPay, and Customs, which help shippers centralize both freight and customs processes. The company is led by Founder/CEO Deepak Chhugani and is focused on simplifying US/MX OTR cross-border freight supply chains for U.S.-based brands. Nuvocargo plans to continue investing in Nuvo OS to expand capabilities and serve all major border crossings. It will also ramp up business development efforts and scale its existing products to support growth. The company recently raised new capital and holds a valuation north of $250M. Nuvocargo provides a single platform and marketplace that integrates freight forwarding, customs brokerage, cargo insurance and trade financing to simplify cross-border movement between Mexico and the U.S. The company pairs software with a transportation network and compliance expertise to offer end-to-end visibility and operations. It began operations in late 2019 and has scaled its team from about 30 to 90 since April. Nuvocargo is rolling out financial products such as QuickPay for carriers (a cash-advance product) which has been in private beta and is growing processing volumes ~35% weekly, recently crossing seven figures in annualized transaction volume. Management reports revenue growth of roughly 30% month-over-month, expects “tens of millions” in 2022 revenue, and is on track for 5x revenue growth versus 2020. The company estimates a large addressable market for QuickPay (around $20 billion annually) as roughly 10 million trucks move cargo between Mexico and the U.S. each year. Nuvocargo offers an all-in-one service that bundles freight forwarding, customs brokerage, cargo insurance and trade financing into a single UI-friendly software and app. The platform centralizes tracking and creates a single audit trail to reduce administrative overhead and improve visibility across the U.S.-Mexico border, according to CEO Deepak Chhugani. Nuvocargo has added factoring (short-term accounts receivable finance) to address long payment cycles for trucking companies and is starting to offer trade financing. The company views trade financing as a strategic opportunity because its customer relationships provide insight into credit and fraud risk. Investors say the fintech adjacency around lending, factoring and insurance was a key attraction. Financially, Nuvocargo closed a $12M Series A after raising a $5.3M seed nearly a year earlier; valuation was not disclosed. Nuvocargo provides a cloud-based, bilingual managed marketplace and tracking dashboard that digitizes cross‑border trucking steps with timestamps, geo-tracking and document housing. Its free software centralizes shipment status and allows customers to request shipments via WhatsApp, email or SMS. The company aims to house the entire shipping process within its platform to simplify U.S.–Mexico freight that today relies on paper, phone calls and faxes. Nuvocargo works with dozens of customers ranging from beverage companies to multi-billion-dollar corporations and is a 15-person startup. It highlights that U.S.–Mexico trucking handles roughly 6.5 million shipments a year and that 80% of goods between the countries move by truck. With the new seed funding the company plans to hire in product, operations, finance and engineering across its New York and Mexico offices and is prioritizing work with companies moving essential goods during the coronavirus pandemic. Nuvocargo also says it is working to give drivers more predictable business and faster pay.

Total raised

$74M

Funding rounds

4

Latest round

Series B

Latest activity

Jul 2023