Logistics provider Blowhorn has raised funds in a fresh round which includes new investor Symphony International Holdings Limited. The round also saw participation from existing investors Chiratae Ventures, Draper Associates, and Michael and Susan Dell Foundation.
Prior to this, the company has raised funds from investors such as Venture Catalysts, James Lee Sorenson and Japanese VC firm, and Dream Incubator in September, 2017.
The fresh capital will go towards supporting Blowhorn’s network expansion plans, enabling them to extend their geographical reach across India and serve a wider customer base.
Founded in 2014 by Michael Strong, Mithun Srivatsa, and Nikhil Shivaprasad, Blowhorn operates in all major metros in India with a broad suite of services from the first mile, middle mile, and last mile logistics while handling goods from 1g to 1T.
The company provides a full-stack service offering through an asset-light model via its tech platform that connects logistics service seekers with mini-truck drivers through the website and mobile app.
At present, the logistics tech market is crowded with a lot of existing players and startups. Between 2021-26 the freight forwarding and logistics industry is expected to grow at a steady CAGR of more than 4%. Some of the players that are operating in this space include Cogoport, Rivigo, Shipsy, Shiprocket, Kale Logistics, IPO-bound Delhivery, Blackbuck, Freightwalla among others. The logistics tech sector has produced two unicorns — Delhivery and Rivigo — as the rise of ecommerce, distribution for online platforms and hyperlocal deliveries have got the innovation and investments flowing in the sector. Most of these have raised fresh funding within this year.
The Indian government has also recognised the need for stronger technology-led interventions for the increasingly critical logistics sector in the Economic Survey 2020-21. The survey proposes solutions for real-time monitoring of logistics infrastructure by integrating various existing solutions through blockchain.