Online marketplace for last-mile logistics Blowhorn has raised $3.75 Mn (INR 25 Cr) in Series A funding from IDG Ventures India, together with the Michael & Susan Dell Foundation and existing investors, Draper Associates, and Unitus Seed Fund. For Tim Draper’s new fund ‘Draper Associates,’ Blowhorn is the first Series A bet in India.
The startup plans to utilise the funds to expand operations to eight cities in the next 24 months, with over 25,000 daily active drivers.
Commenting on the investment, Karthik Prabhakar, Director, IDG Ventures India Advisors said, “There have been many attempts at solving India’s intra-city logistics challenge — Blowhorn’s extensive use of technology and business level innovation has helped build a strong, rapidly-growing business with industry leading margins in a highly capital efficient manner. Blowhorn has the potential to be a dominant solutions provider of last-mile logistics for SMEs and rapidly growing businesses.”
Related Article: Michael And Susan Dell Foundation To Setup An Incubator In India
Founded in 2014 by Mithun Srivatsa and Nikhil Shivaprasad, Blowhorn is an aggregator that aims to streamline the fragmented logistics market in India. The Bengaluru-based tech-enabled platform connects customers to mini-truck owners, enabling intra-city, sub 2-tonne deliveries through its website and mobile app.
Blowhorn also has a comprehensive driver-training programme, wherein all its drivers are trained in customer service. Blowhorn was started with two employees and has now scaled to 50 full-time employees. In less than 2 years, the startup has expanded to provide services across Mumbai, Bengaluru, Chennai and Hyderabad.
Earlier in November 2014, the company secured an undisclosed amount in seed funding in led by Unitus Seed Fund. Other players like LetsTransport also secured $4 Mn from Japan- based payment gateway, GMo in January 2017. Whereas Gurugram-based logistics platform, Rivigo had raised $75 Mn from an affiliate of Warburg Pincus in November 2016.