Mumbai-based tech focused logistics startup Truckola has raised $595K (INR 4 Cr) from angel investors via LetsVenture. The round was led by Abhishek Agarwal of Fortune Interfinance (FIFL).
The round also saw participation from other investors like Krishnakumar Natarajan, executive chairman of Mindtree; Al Hamra Group; Sarath Sura, chairman of GreyCampus; Shanti Mohan, founder of LetsVenture; Sarthak and Nihit Agarwal of Shubhalakshmi Polyesters; and Suramya Gupta, fund manager at a leading Japanese VC Firm.
Founded in 2015 by Raghav Himatsingka, Keshav Himatsingka and Vipul Garg, Truckola is defined as the Uber for long distance inter-state transportation. It aggregates supply and demand for inter city transportation using its online platform and android app. The startup is attempting to disrupt the industry by making transportation services as efficient as booking a taxi on phone.
The startup plans to use the funds to to optimise the transport ecosystem and make the business model operationally scalable.
Recommended For You:
Raghav Himatsingka, co-founder of Truckola, said, “Transportation in India is approximately a $300 Bn industry, which is largely unorganized, fragmented and inefficient. This leads to high costs and a cumbersome experience. Truckola is attempting to optimise the transport eco system and make the business model operationally scalable.”
Truckola competes with various other startups in the domain like TruckSuvidha, Trucking Cube, theKarrier, Truckmandi and more. Besides, last year, Mahindra group entered the logistics marketplace with the launch of SmartShift, a digital marketplace for intra-city logistics of cargo.
However, Sarath Sura, chairman of GreyCampus and investor in Truckola, believes that Truckola is addressing a huge market that has severe pain points and inefficiencies. Its solution is technology driven and, hence, is asset light and highly scalable.
Truckola is also one of the startups that participated in the “Art Of Start” Pitch Session At LetsIgnite 2016.
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.