Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Bangalore-based on-demand logistics company, Instavans, has raised an undisclosed amount in funding from Dell Services president Suresh Vaswani’s family office.
With the raised funds, the company intends to build a virtual fleet which is managed using Instavan’s technology platform. It is also planning to tap businesses for starters and venture into diversified avenues such as ecommerce. Also, as part of the deal, Vaswani will join the board at Instavans
Founded in 2014 by Vinay Goyal, Instavans Logistics Pvt. Ltd., is an on-demand logistics platform that offers price transparency, ease of access and a better end-to-end experience for both shippers and truckers. It caters to the requirements of third party logistics companies, freight forwarders, manufacturers, carry and forward distributors (C&F) and small and medium sized enterprises (SMEs).
Previously, Instavans had raised funding from Sanjay Shah, founder of Zapty Inc and Manav Garg, founder and CEO of Eka Software. Besides, Naveen Munjal, MD of Hero Eco Group and GBS Raju, chairman and MD of GMR Group had also invested in the company.
The company aims to become the Uber for small trucks in India. According to an estimation by the startup, the addressable market is $15 Bn (INR 97,500 Cr) in size.
Vaswani himself is no stranger to the technology sector. He represents the business unit on Dell’s executive leadership team and reports to chairman and CEO Michael Dell. According to Vinay, Vaswani’s experience in leading global enterprises will help Instavans in building the virtual fleet which offer real time services for the shipping industry.
The logistics sector in India looks promising and offers a galore of opportunities for the players who dare to enter it. So much so that companies which offers similar services as Instavans, have been raising funding from several interested investors.
Earlier this year, in May, working in the same domain, TheKarrier raised $230K ( INR 1.5 Cr) from Sol Primero, Outbox Venture and Nikunj Jain. Also, in June, Delhi-based Moovo raised its seed round from Yuvraj Singh’s YouWeCan Ventures and other angels.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.