On-demand intercity trucking marketplace Raaho has raised Rs 20 crore in the extension of the pre-Series A funding round led by Inflection Point Ventures (IPV) at a valuation of 4x over the last year.
The round also saw participation from Roots Ventures, Blume Founders Fund, and prominent angel investors like Vijay Shekhar Sharma, Kunal Shah, K Krishna Kumar, Venkatesh Vijayaraghavan, and Aseem Khurana, amongst others.
The raised capital will help the startup to increase its geographical presence nationwide and strengthen its data science and ML capabilities to automate freight matching.
Founded in 2017 by Mohammed Imthiaz, Muralidharan C, Vipul Sharma, Abu Fahad, and Joshua Jebakumar, Raaho uses technology and real-time data to ensure tracking and on-time delivery of freight, and enable operational and cost efficiencies in the opaque logistics sector.
“We are delighted to continue our mission of making lives better for Truckers and Drivers of India. With this fundraise, we plan to expand our reach to more geographies in India, while also strengthening our data science and machine learning capabilities to enhance our freight-matching efficiency. At Raaho, we’re committed to building a better tomorrow for all,” said Mohammed Imthiaz.
Vinay Bansal, Founder & CEO, IPV, said, “We are thrilled to continue our investment in Raaho, as we see enormous potential for growth in the largely untapped market of digitised trucking. The Raaho team has shown exceptional dedication in building a sustainable business model with strong fundamentals, and we are excited to be a part of their journey towards success.”
At present, The startup operates across 15+ cities in India with a presence in major cities like NCR, Chennai, Bengaluru, Coimbatore, Mumbai, Hyderabad, Kolkata, Pune, Ahmedabad, Kanpur, Karnal, and more.
Source @Indianstartupnews
