Chennai-based Fruges Ventures Pvt. Ltd, which owned and operates mini-truck aggregator GoGo Truck, has raised seed funding from a Madurai-based angel investor.
The online marketplace, which focuses on intra-city transport, has raised Rs 50 lakh (around $74,400). The startup will be using the funds to consolidate its operations in the Chennai market and expand its services to Hyderabad. A part of the funds will be used for marketing initiatives and brand-building activities.
Founded in March 2015 by Vasister Arun and Senthil Kumar, GoGo Truck is an on-demand truck service in Chennai and Coimbatore that intends to move your personal and business goods hassle free. The startup function with the aim of closing the gap between demand and supply of economical and transparent mini truck services to make relocation and logistics easy. With a fleet of 300 mini trucks available for hire and rent. Its legally verified truck drivers and transparent pricing model make the process of packing, moving and delivering fast and efficient.
According to the firm, business-to-business (B2B) customers comprise 70% of its client base, with the remaining 30% being retail customers.
Startups such as The Porter, Pickingo, TruckSuvidha, BlackBuck, FreightBazaar and Turant Delivery are also operating in the same spae.
In December, BlackBuck had secured $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 April 2015, Mumbai-based online logistics marketplace The Porter raised Rs 3 crore from Kae Capital.