The funding will be used to ramp up its operations and technology. It will also be used for the company’s expansion in other Indian cities.
Founded in 2016 by Vasanth Immanuel and Jayendran Panneerselvam, FR8 is a technology-driven logistics service provider, offering long-haul trucking solutions to large corporates, SMEs, and the agribusiness ecosystem. It is an online marketplace for logistics transactions, helping customers move truck loads between cities.
Vasanth Immanuel, co-founder, FR8 said, “We offer a four-hour commitment to our clients and manually connect orders which have not gotten matched automatically. We believe that we are very capital-efficient as we have scaled to $374K of monthly bookings without raising any capital. We are planning to grow 10 times over the next 12 months. We plan to expand the network from seven cities – Chennai, Bengaluru, Kolkata, Delhi-NCR, Mumbai, Hyderabad, and Madurai.”
As per an official statement, the platform currently claims to have 2,500 trucks from 400 vendors on its marketplace. It also claims to book around 1,000 orders worth about $374K (INR 2.5 Cr) per month.
Omnivore Partners is an early stage agritech-focussed investment fund with a corpus of $38 Mn.