Truck aggregator FR8 raises funding from VC firm Omnivore Partners
Chennai-based B2B logistics startup FR8 has raised about INR 6.5 Crore from agritech-focussed VC firm Omnivore Partners.
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.
FR8 launched its product in June 2016 and already has 2,500 trucks from 400 vendors on the marketplace. It currently books around 1,000 orders worth about Rs 2.5 crore a month.
It connects clients with trucks depending on a requirement. Vendors are notified if a truck of theirs matches the requirement.
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.”
Mark Kahn, Founding Partner, Omnivore said,
“Omnivore believes that FR8 will transform long-haul trucking across India while benefiting the agribusiness ecosystem through optimised backhauling of farm commodities.”
It plans to expand the network from seven cities — Chennai, Bengaluru, Kolkata, Delhi-NCR, Mumbai, Hyderabad and Madurai.