Mumbai-based Grab a Grub Services Pvt. Ltd that owns and operates hyperlocal logistics service Grab has raised debt from United Arab Emirates-based logistics firm Aramex Ventures Llc. The funding will be used to enhance its technology and roll out newer service verticals over the next year. The funding amount is still undisclosed by the company, however documents with the registrar of companies (RoC) show Grab has raised Rs.13.34 crore in debt from logistics firm Aramex Ventures in the first tranche.

Grab will raise two more tranches from Aramex for almost 25% of the total paid-up share capital on a fully diluted basis, according to the documents, reported DealStreetAsia.

The Mumbai-based company was founded in 2012 by Jignesh Patel, Nishant Vora and Pratish Sanghvi, it provides intra-city logistics services to enterprises such as restaurants, food tech platforms, groceries, e-commerce platforms and banks. It works with over 1,000 merchants across 10 cities and also planning to enter peer-to-peer delivery and reverse logistics.

Its clients include Snapdeal, Zomato, McDonalds, Big Bazaar, RBL Bank, Pantaloons, Faasos, Pizza Hut, etc. It provides services ranging from on-demand, reverse deliveries, first-mile and last-mile management. The company is backed by Zomato, Sixth Sense Ventures, Oliphans Capital, and Haresh Chawla. Zomato bought a minority stake in Grab in September last year.

Grab competes with players like Shadowfax and Opinio. Shadowfax Technologies Pvt. Ltd raised a funding of $8.5 million from Fidelity’s proprietary investment arm, Eight Roads Ventures in September and Opinio (Moonshots Internet Pvt. Ltd) raised $7 million in its Series A funding from logistics company SSN Logistics Pvt. Ltd-run Delhivery, Sands Capital and Accel Partners in October 2015.

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