Trukky Logistics Services Pvt. Ltd, which operates an on-demand transportation platform, has raised funding from the Mumbai Angels Network.
The company will use the capital to enhance its user experience and freight intelligence for better pricing for its customers, founders Subhasish Das and Saswat Sahu said in a statement. They didn’t disclose the amount it raised.
Trukky – set up in 2015 – says its solutions cater to goods movement for the full and part-load segments. The company also operates a cargo intelligence engine that assists with factors such as upfront pricing and supply.
The founders also said that during the nationwide lockdown the company not only performed well with 10% quarterly growth but also turned EBITA positive. EBITA is short for earnings before interest, tax and amortisation.
“We see a lot of progression in the online transport booking sector as observed a dynamic shift from offline services to online services,” Mumbai Angels co-promoter and chief executive officer Nandini Mansinghka added.
According to its website, Trukky offers a service guarantee as well as live tracking and round-the-clock support. It has worked with clients such as Amul, 1mg and Urban Ladder.
Prior to this capital infusion, Trukky had raised funding from angel investors in September 2018. Before that, in April 2017, the company raised $500,000 in pre-Series A funding from new and existing investors.
In 2015, Trukky had raised an undisclosed amount of funding from MakeMyTrip co-founder Keyur Joshi and Bakeri Group scion Pavan Bakeri.
According to VCCEdge, the data research arm of Mosaic Digital, Trukky reported net sales of Rs 12.56 crore for the financial year ended March 2019 and losses of Rs 61.2 lakh.
Mumbai Angels Network
The investment platform was established in 2006 and says it has over 400 members across chapters in regions including Delhi, Bengaluru and Kolkata. It has a portfolio of more than 140 companies with over Rs 150 crore in investments and says it has scored over 45 exits.
Last month, Mumbai Angels took part in a seed funding round in DaveAI, an artificial intelligence-based sales augmentation platform.
In July, it committed funding to Edhusk, an education-technology startup that focuses on a hybrid approach for students looking for tutors. Also that month, the network announced a $1 million (around Rs 7.5 crore) investment in Big Bang Boom Solutions Pvt. Ltd, which operates a defence-technology company.
In June, the angel group invested in agri-tech startup Concinnity Agro2o Pvt. Ltd, which develops products focused on making hydroponics-based farming accessible to both small farmers and commercial institutions.