Tech logistics startup GoBOLT has raised $20 Mn in primary and secondary funding in its Series B funding round led by Paragon Partners and existing investor Aavishkaar Capital, the company said in a statement on June 28.
The current round also includes debt funding from undisclosed private banks. Mumbai-based private equity firm Paragon Partners invested via its new fund named Paragon Partners Growth Fund II in the current round.
As a part of the fresh funding, Sumeet Nindrajog, cofounder and senior partner at Paragon Partners, will join GoBOLT’s as a board member.
GoBOLT will use the fresh funding to further scale up its presence across industries, geographies, business segments and in strengthening its technology platform.
GoBOLT was launched in October 2015 by Parag Aggarwal, Sumit Sharma and Naitik Baghla to provide solutions for the on-demand movement of goods between two major cities or ports or from a transportation hub to a final destination in the area.
GoBOLT also provides data services such as Fleet Management System, Control Tower Services, GPS Tracking, and Data Analytics. It serves categories such as automobile, ecommerce, food processing companies, etc. GoBOLT works on a hybrid model utilising owned and marketplace trucks.
“Indian subcontinent is grappling with inefficiencies in the supply chain with logistics cost estimated to be around 14% of GDP, substantially higher than the US and Europe. Whilst our offering of express end-to-end (E2E) logistics and SaaS-based technology solutions are transformational, we will continue to invest in technology and leverage artificial intelligence and machine learning tools to drive further efficiencies across the industry,” said Parag Aggarwal, chief executive officer and cofounder, GoBOLT in a statement.
This is the second funding announcement from Paragon Partners’ second fund. The PE firm had earlier invested around $15 Mn into fresh meat retailer TenderCuts, in February 2021.
“The GoBOLT leadership has been exceptional in their execution, with a laser-sharp focus on profitable growth. We believe the future opportunity in Indian tech-led logistics space is extremely exciting and the GoBOLT team is well placed to capture this opportunity. With this fundraise GoBOLT is well-positioned to continue its rapid growth trajectory whilst delivering significant impact to the larger logistics ecosystem of customers, vendor partners and drivers,” added Ajay Maniar, partner, Aavishkaar Capital.
GoBOLT had earlier raised $5.46 Mn (INR 40 Cr) in its Series A funding round from impact fund Aavishkaar Bharat Fund back in October 2018. It had also raised an undisclosed amount from Blacksoil Capital in November 2017 and pre-series A round led by startup incubator MCube8, a division of financial advisory firm MCube Capital in June 2016.