With The Funding, BoxMySpace Looks To Build A Nationwide Network Of Warehouses And Supporting Logistics Services
Mumbai-based warehouse aggregator BoxMySpace (BMS) has raised Pre-Series A funding in a round led by R. Jayakumar, Founder and MD of Jayem Group; Vaibhav Vohra, Director of Continental Carriers; Aditya Vazirani, VP – Strategy, Quality & Operations at Robinsons Global; Rhea Vazirani, Director of Robinsons Global; logistics player AVN Business Solutions; and Dreamweaver Investments and Business Solutions.
Existing Investor Satveer Singh Thakral (Singapore Angel Network) also participated in the round.
The funding will be used for strengthening the startup’s technology platform as well as back-end infrastructure. The investment will also enable BoxMySpace to build an extensive network of warehouses and supporting logistics services in several cities across the country.
Commenting on the development, Vibhor Kedia, VP – Investment Banking at JRL Financial Services said, “This is a one-of-its-kind transaction wherein multiple players from the industry and from different geographies of the country have invested in a new generation business creating a sort of healthy unification between the traditional and new generation businesses.”
Founded in January 2015 by Cornell University alumnus Pratyush Jalan, BoxMySpace is an online platform that offers end-to-end logistics solutions to businesses as well as e-sellers across diverse sectors. According to Jalan, BMS serves as an aggregator of non-monetised warehouse spaces, which are then used to provide flexible and cost-effective storage to companies and businesses.
Owned and operated by DTC Technologies, BoxmySpace claims to have served over 500 customers and aggregated more than 100K sq.ft. warehouse space across India. It currently operates in Bengaluru, Mumbai, Pune, Delhi NCR and Kolkata.
With the latest round of funding, Jalan looks to onboard logistic veterans from around the country, as part of his efforts to expand BoxMySpace’s geographical reach. He added, “They have the resources, knowledge and expertise, and an understanding of the market which will help us boost business prospects and generate additional value through sales, cost savings, and technology development. With the partnership, we will be able to access new markets and build value for our client network and theirs.”
In 2015, the startup raised $300K (INR 1.9 Cr) Seed funding from Farooq Oomerbhoy, co-founder of Orios Venture Partners, Singapore Angel Network and Ritesh Veera.