On-demand logistics booking platform Moovo has raised seed funding from cricketer Yuvraj Singh’s YouWe-Can Ventures and other angel investors which include Vikram Chachra of Eight Innovate, former Paytm VP Pratyush Prasanna, Anindya Shuvra Sen, President of HR Reliance Jio Bijay Sahoo, Nitin Sethi, Sameer Nagpal of Cocubes.com and Doshi Family of Doshi Diagnostics.
Founded by IIT alumnus Abhishek Anand and Anjani Kumar, Moovo lets you book a truck through a mobile app, via the company’s website or over call and have the requested vehicle at your door within 30 minutes.
The Delhi-based startup – which took its operations to the public in December 2014 – now operates in the Delhi-NCR region with plans to reach out to 6 other cities by the end of 2015. The company seeks to connect mini-truck drivers with consumers and tap into the transportation business in India.
The market for mini-truck transportation in India is estimated to be around $6 billion annually, of which only 3-5 per cent is organised. More than 90 per cent of the market is fragmented with many small players comprising single driver-owners, resulting in a huge mismatch in supply and demand.
Moovo competes with other startup of similar model such as – Blowhorn, The Karrier and LetsTransport in Bengaluru and The Porter in Mumbai and TruckFirst in Gurgaon.
Notably, in April, Porter raised Rs 3 crore from Kae Capital and said that it planned to expand its service into Delhi and Bengaluru in the coming months. The following month, The Karrier raised seed funding of Rs 1.5 crore from Sol Primero, Outbox Ventures, and Frankly.me founder Nikunj Jain. The same month, Gurgaon-based TruckFirst also raised Rs.61.8 Crore in series-A funding from SAIF partners.
YouWeCan Ventures, a Yuvraj Singh’s initiative, helps exceptional entrepreneurs to tap into new opportunities on their journey to build great brands, teams and companies. Moovo is second startup funded by the YouWeCan venture as in April this year, YouWeCan Ventures had put in an undisclosed amount as seed funding Mumbai-based mobile beauty and wellness platform Vyomo.