Delhi based truck logistics Truckmandi, has announced a pre-Series A fundraise under $2 million. The company raised this round between July-September in 2015.
The round saw participation from individuals such as Ritesh Dwivedy (JustEat Founder), Ramakant Sharma (Livspace Founder), Mount Nathan Advisors (Singapore-based) and others as told by the company to VCCircle.
The company was started in October 2014 by Ankit Singh (CEO, Ex-Snapdeal), Anurag Jain (COO, ex-Snapdeal) along with Nishant Jaden (CTO, ex-TCS). Truckmandi is solving truck logistics problems for both businesses and transporters using technology platform.
The startup claims to have 800+ clients, 1200+ transporters & 5000+ trucks as per its website and offers real time tracking through SMS, email, web dashboards & mobile. It is looking for innovative ways of increasing efficiency like the use of data to reduce idle truck time and empty returns. It offers a real time bidding to transport providers to select best price for clients through its algorithm.
The Indian online retail market is growing at an explosive rate and research shows that it is projected to grow from $3 billion in 2013 to $23 billion by 2018. This opens up huge demand for logistic services, offering tremendous opportunities in this space both for the existing players and the new entrants. India’s logistics industry was valued at about $130 billion (Rs 8.3 lakh crore) in 2012-13, following a major boom in demand fuelled by the advent of e-commerce, according to the latest figures available with India Brand Equity Foundation.
There are other players like Delhi based Ecom Express which raised a amount of $133 million, Bangalore based Business-to-business logistics startup Blackbuck which had raised $25 million in Series B funding. Rivigo had raised Rs 61.8 crore ($9.6 million) in a Series A.