Chhugani’s startup is disrupting the logistics world by digitizing U.S.-Mexico cross-border trade
Nuvocargo is the first all-in-one digital platform focused on U.S.-Mexico cross-border trade
NEW YORK, Nov. 30, 2022 (GLOBE NEWSWIRE) -- Nuvocargo, the first all-in-one digital platform focused on U.S.-Mexico cross-border trade, announced today that its Co-founder and CEO Deepak Chhugani has been named to the Forbes 30 Under 30 2023 in the Enterprise Tech category.
According to Forbes, “For more than a decade, Forbes has highlighted young entrepreneurs for our annual 30 Under 30 Enterprise Tech list, with the help of nominations from the public.”
The article highlighted Chhugani’s entrepreneurial path: “Unusual serendipity has led many of this year’s 30 Under 30 for Enterprise Tech down paths that are now disrupting the business world. Deepak Chhugani, 29, a former Merrill Lynch investment banker, got his foot in the door of entrepreneurialism with an idea for a professional network startup to help college graduates from atypical backgrounds and non-Ivy League schools (he graduated from Bentley University) to get hired at top financial institutions. The business failed, but Chhugani executed a left-field business pivot into Nuvocargo, which makes software to simplify freight trading between the U.S. and Latin America. His prowess building a cross-border business, which has raised $75 million from VCs, can be traced to his unorthodox heritage: the son of Indian parents, he was born in Kenya and raised in Ecuador.”
"I appreciate this recognition - it's really a testament to the hard work of the entire Nuvocargo team," said Chhugani. "This award honors all my incredible teammates, what we've built and the important things we are working on together."
Nuvocargo launched in late 2019 to help ease the process of cross-border trade, specializing in the U.S.-Mexico trade route - one of the world’s largest. With dual headquarters in New York and Mexico City, Nuvocargo has a fully bilingual team who can assist customers with all their transportation and logistics needs. In 2022, the company added solutions for carriers to its repertoire, cementing its place as an all-in-one digital platform for cross-border trade.
Other Nuvocargo milestones in 2022 to date include:
Hiring new senior executives from Uber, Flexport, Stripe, Shopify and Dropbox.
Being named to Fast Company’s list of the 10 most innovative companies in Latin America in 2022.
In the first half of 2022, Nuvocargo increased monthly shipments through the platform by almost 3x over 1H2021.
The company has more than doubled the number of customers it serves since announcing its last funding round in November 2021.
Nuvocargo QuickPay adoption is growing quickly – now attached to more than 40 percent of Nuvocargo orders, it’s being used to process $10M+ in annualized payments volume, and has earned incredible loyalty from Nuvocargo’s carrier customers.
To learn more, visit https://www.nuvocargo.com/
Logistics startup Nuvocargo is the first all-in-one digital platform focused on U.S.-Mexico cross-border trade – one of the largest bilateral trade lanes in the world. Modernizing a $2T industry that’s been mostly reliant on paper, fast-growing Nuvocargo combines proprietary software with a team of bilingual experts to seamlessly and transparently manage end-to-end cargo movement in a single platform. The company has the most experience on both sides of the border, unique access to hard-to-get routes, and add-on services such as warehousing, insurance and financing – everything a shipper or carrier needs to simplify logistics. Nuvocargo is backed by over $38M in funding from Tiger Global, QED Investors, NFX, Y Combinator, among others. Nuvocargo has been recognized in YC Top Companies 2022 and ranked the second Most Innovative Company in Latin America by Fast Company. Learn more at nuvocargo.com/en.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/927130e4-938b-49ba-9fa3-177338491a59