Delhi-based integrated vehicle management startup LocoNav has raised $3.42 Mn (INR 22 CR) Series A funding from Sequoia Capital India and angel investor, Prateek Sharma. Of the total investment, Sequoia poured $3.41 Mn, while Sharma invested $10,843 in LocoNav.
According to the company’s filings accessed by Inc42, the investment was made in the third week of October. Sequoia Capital MD and Principal Shailesh Lakhani led the deal on behalf of the VC firm, mentions PaperVC.
Prior to the latest funding, LocoNav raised about $90,000 from a clutch of angel investors, including Girish Khera, Dhruv Gupta and Vishal Dixit.
An email query sent to LocoNov’s co-founder Vidit Jain did not elicit a response till the time of publication.
From BabaTrucks In 2015 To LocoNav
Founded in 2015 by former ClearTax employees Sridhar Gupta and Vidit Jain, LocoNav was started as BabaTrucks, an online marketplace to connect truck or fleet owners with their customers. Owned and operated by BT TechLabs, the startup later evolved into an integrated vehicle management platform.