Exclusive: Logistics tech startup GoBolt raises pre-Series A funding
Logistics tech startup GoBolt has raised pre-Series A funding from startup incubator MCube8, a division of financial advisory firm MCube Capital.
The Delhi-based startup, run by Camions Logistics Solutions Pvt. Ltd, will use the capital for business and technology development.
"We'll be using the funds to ramp up our operations," Parag Aggarwal, co-founder, GoBolt, told Techcircle. He, however, declined to reveal the amount of capital raised.
GoBolt provides transportation solutions such as right vehicle selection, route/delivery planning, real time tracking, reliable documentation and control, and reduced transit time to its clients. It serves e-commerce, pharma, automobile, food processing companies, consumer goods makers and white goods manufacturers. Its clients include Philips, Cadbury, Panasonic, PepsiCo and Tupperware, amongst others.
The firm has both owned as well as aggregated trucks and claims to be doing 1000-plus trips a month. GoBolt has more than 600 trucks on its platform and provides its services across more than 35 cities.
GoBolt was founded in October 2015 by Parag Aggarwal, Sumit Sharma and Naitik Baghla, all alumni of S.P. Jain Institute of Management and Research. Aggarwal and Baghla were working with GlaxoSmithKline before co-founding GoBolt, while Sharma was an associate with JM Financials.
"With tech at its core, it is the next-generation logistics platform for the transport industry," Pritpal Lakkha, CEO, MCube8 added.
A bunch of tech startups have come up in the last one year, connecting last-mile logistics services providers with customers for inter-city transport. Logistics tech ventures such as TruckSuvidha and BlackBuck follows an asset-light model and do not own the vehicles themselves and come across as a booking platform similar to taxi hailing apps Ola and Uber. Rivigo is among the few players that own a fleet of trucks.
Many of these startups have received investor backing. Earlier this month, Chennai-based mini-truck aggregator GoGo Truck, run by Fruges Ventures Pvt. Ltd, raised seed funding from a Madurai-based angel investor.
In December, BlackBuck raised $25 million in Series B funding from Tiger Global and other investors in one of the biggest deals in the sector. The same month, Delhi-based TruckMandi raised under $2 million in pre-Series A funding in December. In April last year, Mumbai-based online logistics marketplace The Porter raised Rs 3 crore from Kae Capital.
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