Bengaluru-based tech logistics startup COGOS has raised $1.2 million in debt from fintech NFBC firm Vivitri Capital as it aims to focus on business expansion and hiring talent.
Founded in 2016 by Prasad Sreeram and Rama Mohan Katta, COGOS is an artificial intelligence-led logistics platform and is backed by reputed India and US-based VC funds, WorldQuant Ventures, UAE-based Logistics major Transworld as well as Indian Angel Network (IAN), EV2 Ventures and Lets Venture.
Recently, The startup acquired the FMCG Modern trade business of Porter. It claims to be India’s first asset-light B2B City logistics platform with over 350 city network of truckers across India, on-boarded by fully self-serve Digital Onboarding as part of their Proprietary Tech Platform.
“City-logistics is growing steadily and we are set to witness some high rise in demand, specifically from non-tier 1 cities. Immediate capital investment will help us combat this demand with complete efficiency. We are glad to have the support of Vivriti Capitals in issuing this credit line for us. We are determined to utilise it in our aggressive expansion plan, specifically in tier 2 and tier 3 cities,” said Prasad Sreeram, CEO and co-founder of COGOS.
“We are happy to engage with COGOS and support their essential expansion into Tier II and III cities. This partnership moves Vivriti one step closer to achieving its goals since we see a big market opportunity in the mid-sized sector and are always striving to close the funding gap between these businesses and the resources that are available. We at Vivriti have been able to deliver hassle-free flow of debt finance with maximum flexibility and short turnaround time because of the company’s strong technological and risk assessment foundation,” said Gautam Jain, Chief business officer at Vivriti Capital.
Source @Indianstartupnews
