Bengaluru-based digital freight brokerage platform Lobb has raised $2.9 Mn (INR 24.2 Cr) in an extended Pre-Series A funding round from a host of investors
The company claims to be one of the fastest-growing digital freight brokerage platforms in the country and is working with 1,200 logistics companies and over 5,000 fleet owners
This comes at a time when Chennai-based supply chain startup Wiz Freight raised INR 125 Cr ($15 Mn) in a Series B funding round in January
Bengaluru-based digital freight brokerage platform Lobb has raised $2.9 Mn (INR 24.2 Cr) in an extended Pre-Series A funding round from a host of investors, including Stitch Employment Services’ CEO Rajesh Voddiraju, Voya India’s CEO Sharada Nandakumar and Divyasree Developers’ chairman Shyama Raju, among others.
“This funding will enable us to accelerate our technology-led growth and expand our reach, ensuring that we continue to deliver unparalleled value to our customers,” said cofounder and CEO Venu Kondur.
Founded in 2015 by Kondur and Jayaram Raju, Lobb offers an end-to-end digital freight brokerage platform, to address the complex intricacies of the trade and connects transporters with truckers to ensure a nationwide supply-demand match.
The company claims to be one of the fastest-growing digital freight brokerage platforms in the country and is working with 1,200 logistics companies and over 5,000 fleet owners. It operates in 22 cities in an asset-light model with a multilingual app.
Lobb claims to be currently profitable and aims to achieve a revenue of INR 500 Cr over the next two years.
The company also claims to have raised $4.4 Mn (INR 36.7 Cr) so far, since its inception.
Gopal Kaul, Lobb’s board director said, “In recognition of our business leadership, I am happy to share that Lobb is a key partner of the Government of India’s ULIP platform (Unified Logistics Interface Platform) efforts in building the digital gateway with industry players to access logistics-related datasets from various government systems through API-based integration”.
This comes at a time when India’s supply chain space has been gaining traction from a lot of investor’s for quite sometime now.
For instance, Chennai-based supply chain startup Wiz Freight raised INR 125 Cr ($15 Mn) in a Series B funding round in January, for growth, expansion, and general corporate activities, as per its filings.
