Mumbai-based Grab a Grub Services Pvt. Ltd, which operates hyperlocal delivery services platform Grab, has received the second tranche of funds from Aramex Ventures LLC, regulatory filings show.
Grab raised Rs 6.6 crore (about $1 million) in March by allotting 66,690 compulsorily convertible debentures to Aramex, according to the company’s filings with the Registrar of Companies (RoC). The debentures will be converted into 3,918 equity shares, valued at Rs 17,021 each. This translates into an 8.18% stake.
In July 2016, media reports had said that Aramex had committed to invest Rs 20 crore in Grab. At the time, the company had raised Rs 13.34 crore for a 17.81% equity stake, according to a previous filing to the RoC.
Pratish Sanghvi, co-founder at Grab, declined to comment on details of the fundraising.
Grab is also backed by Oliphans Capital and Zomato as well as Haresh Chawla of India Value Fund Advisors.
Aramex Ventures is the investment arm of Aramex, a Dubai-based logistics services company founded in 1982.
Grab was launched in 2012 by Sanghvi, Nishant Vora and Jignesh Patel. The company offers third-party last-mile delivery services to businesses and merchants, including restaurants, e-commerce companies, retailers, grocers, pharmacies, food-tech platforms and banks.
The startup, which is operational in 11 cities and serves about 3,300 merchants, claims to have made 7.5 million deliveries till date. Its clients include Patanjali Ayurved, McDonalds, Zomato, Pizza Hut, Pantaloons and Faasos.
An alumnus of Drexel University, Sanghvi served as a consultant at Blackrock for nearly seven years. Patel, an alumnus of Vishwakarma Institute of Technology, worked with Century Electronics & Electrical Equipment as managing partner for around nine years. Vora is an engineering graduate from Mohawk College and is also a promoter at Silver Foliage.
A number of deals have recently happened in the logistics tech segment. Earlier this month, HyperTrack Inc., a US- and India-based startup which helps businesses track executives and products in real-time, raised an undisclosed amount in a Series A round led by Nexus Venture Partners and Founders Fund.
In May, logistics startup Delhivery Pvt. Ltd raised Rs 200 crore from China’s Fosun International as part of a larger funding around.
Earlier, Bengaluru-based truck network platform 4tigo Network Logistics had raised about $10 million in Series A funding from existing investors Accel Partners and Infosys co-founder Nandan Nilekani.