Hybrid logistics marketplace GoBolt raises Series A funding
Tech logistics firm GoBolt has raised Rs 40 crore ($5.5 million) in a Series A round from social-impact investment group Aavishkaar-Intellecap, the former said in a release.
The Gurugram-based company, legally called Camions Logistics Solutions Pvt. Ltd, will use the funds to strengthen its team, expand its presence across India, increase its fleet size, further develop its technology platform and foray into allied business segments.
Incorporated in 2015, GoBolt focuses on disintermediation and increased vehicle use by leveraging technology.
The company focuses on express cargo movement and caters to leading e-commerce, fast-moving consumer goods (FMCG) and consumer durable companies. It operates through a fleet of owned and hired vehicles.
The firm claims its technology platform enables operational efficiencies through improved route planning, documentation, tracking and control, and other features.
“With the advent of GST (Goods and Services Tax) and increased regulatory focus, the logistics industry is moving towards efficient transit times and GoBolt is well-positioned and prepared to lead this change,” said Parag Aggarwal, chief executive of GoBolt.
GoBolt was founded in October 2015 by Aggarwal, Sumit Sharma and Naitik Baghla, all alumni of SP Jain Institute of Management and Research. Before GoBolt, Aggarwal and Baghla were with GlaxoSmithKline, and Sharma at JM Financials.
GoBolt had raised around Rs 5 crore ($741,632) in a pre-Series A round from BHIP Singapore Consulting Pte. Ltd in 2016, according to VCCEdge, the data intelligence platform of News Corp VCCircle.
BHIP runs a venture capital arm that invests in early-stage startups. The arm’s investments span digital media to logistics to food delivery.
In 2017, GoBolt had raised an undisclosed amount of debt from non-banking financial company BlackSoil Capital, which has now been repaid.
Aavishkaar Bharat Fund
The fund aims to invest in startups and early-growth-stage companies in sectors like agriculture, financial services, healthcare, logistics and supply chain, and renewable energy.
Aavishkaar Bharat Fund, of Aavishkaar Venture Management Services, social venture arm of Aavishkaar-Intellecap Group, had made investments in Utkarsh Micro Finance and Kottaram Agro Foods, which makes breakfast cereals under the brand Soulfull.
The broader logistics space has recorded several significant deals this year, with investors looking to back companies harnessing a boom in e-commerce and organised retail.
In August, a consortium of investors led by mid-market private equity firm Samara Capital acquired Spoton Logistics.
In August, technology-based logistics startup WheelsEye had raised Rs 7 crore (around $1 million) from early-stage venture capital firm Prime Venture Partners.