Intra-city logistics provider Blowhorn’s parent company Catbus Infolabs has raised fresh funding from existing investors Michael & Susan Dell Foundation and Chiratae Ventures (formerly IDG Ventures India) as well as three new investors.
"We are in the final stages of executing our first international foray, and we are very excited about it,” said chief executive Mithun Srivatsa in an official statement on Tuesday.
The funding round was led by a prominent undisclosed investor, the statement said.
The three new investors include Mumbai-based startup incubator Venture Catalysts, American philanthropist James Sorenson and a Japanese venture capital firm Dream Incubator.
Blowhorn’s revenues have grown more than 500% since its previous funding round, the statement added.
In 2017, the firm had raised $3.6 million in its Series A funding from IDG Ventures India, MSDF, Draper Associates and Unitus Seed Fund.
The Bengaluru-based company creates a platform for customers to connect with mini-truck owners for intra-city delivery consignments. Its customers include major ecommerce players Amazon and Flipkart as well as companies like FedEx, Reliance Digital, Quikr, Xiaomi, Furlenco and Bisleri.
“The mini-truck transportation market in India is estimated to be at a valuation of Rs 30,000 to Rs 60,000 crore annually. Additionally, the granting of industry status to the logistics sector has further enhanced the ease of accessing finance and extended other opportunities to players in the sector,” said Apoorv Ranjan Sharma, president, Venture Catalysts.
Founded by Srivatsa and Nikhil Shivaprasad in 2014, Blowhorn has now expanded its presence to over 30 cities in India and has over 25,000 driver partners on its platform. It operates with a suite of services to cater to the handling of goods weighing 1 gram to a tonne.
Blowhorn was the first Series A bet in India for billionaire venture capitalist Tim Draper’s Draper Associates. Draper’s previous investment interests include Skype, Tesla and SpaceX.