New Delhi-based B2B logistics startup GoBOLT has raised ₹40 crores in series A funding round from impact fund advisory firm Aavishkaar from its Aavishkaar Bharat Fund.
The funds raised will be used to strengthen its team, expand footprint across India, increase fleet size, and develop technology platform, as it looks to foray into allied business segments.
GoBOLT was founded by Parag Aggarwal, Sumit Sharma, and Naitik Baghla in 2015. It provides a technology platform to offer express and on-demand logistic solutions including line haul, full truck load, and last mile for different businesses.
Parag Aggarwal, CEO, GoBOLT, said, “We believe our model of using technology to integrate our drivers and vendor partners is transformational and enables their skill enhancement and financial & social inclusion. We are extremely excited to partner with Aavishkaar who shares our vision of driving transformation by creating value for all stakeholders.”
It leverages technology to provide SaaS-based fleet management system, along with utilizing real-time data to optimize operations planning. The startup serves industries including FMCG, FMCD, e-commerce, among others. Some of its clients include Flipkart, Pepperfry, Panasonic, Tupperware, Philips, and PepsiCo, among many others.
GoBOLT last raised an undisclosed amount of funds in debt funding from BlackSoil in November 2017. Other startups in the logistics domain competing with GoBOLT, are Rivigo, BlackBuck, LOBB, and Leap INDIA, among many others. Indian logistics sector is pegged at around $160 billion and is expected to touch $215 billion by 202, growing at a CAGR of 10.5%, according to the Economic Survey 2017-18.
With the growth of various other industries depending on logistics like e-commerce and agriculture, many more startups will look to leverage the opportunity. The government’s efforts towards bolstering the Indian infrastructure and logistics will further encourage the budding entrepreneurs and startups to look towards the logistics industry for opportunities.