Gurgaon-based GoBOLT, a tech-logistics company operating in line haul & short haul trucking, has secured funding of ₹40 crore from Aavishkaar Bharat Fund of Impact investing-focused venture management firm, Aavishkaar-Intellecap Group, reported BusinessLine.
GoBOLT will use the freshly raised capital for adding trucks owned by small driver-owners as well as in expanding its trucking operations to the East and North-East, apart from consolidating its presence in the West, North and South. The startup will also use funds to increase its corporate team size by 2.5 times and increase the drivers on its rolls by three times over the next two years.
Founded in 2015, by Naitik Baghla, Parag Aggarwal and Sumit Sharma, GoBOLT provides smart logistics solutions to companies by harnessing data analytics and IoT. Its logistics platform provides scalable processes and digitization including e-marketplace, SaaS-based Fleet Management System and Integrated multi channel customer interaction, among others.
The startup last raised an undisclosed amount in debt funding from BlackSoil, in November last year. Prior to which, it has raised about $850,000 in Pre-Series A round of funding led by startup incubator MCube8, a division of financial advisory firm MCube Capital.
“We have a corporate team of about 40, and over 50 drivers on our rolls. Over the next two years, we aim to have a corporate team of 100, and three times the number of drivers,” Sumit Sharma told BusinessLine. “We are targeting very small vendors now, and get smaller truck owners and/or drivers, as they are the ones who are at the helm of affairs on the roads,” he addeed.
GoBOLT counts Amazon, Flipkart and Ecom Express as its customers and has exclusive rights for running trucks on several routes of Ecom Express and some for Flipkart.
The firm already counts as its customers and has exclusive rights for running trucks on several routes of Ecom Express and some for Flipkart.
Mumbai-based investment firm, Aavishkaar-Intellecap, which is focussed on Asia and Africa, manages assets of over $650 million, according to the company’s website. Last November, in its first close of Bharat fund, Aavishkaar-Intellecap Group raised $25 Million from Triodos Investment Management and Shell Foundation.
In 2015, Delhi-based Connect India, an e-commerce logistics firm, has raised Rs 32 crore from Aavishkaar Venture Management Services.
Founded in 2001, by Vineet Rai, Aavishkaar Venture Capital provides private equity and microfinance solutions for early stage startups.