Tech logistics firm GoBolt on Monday said it has raised $20 million (Rs 148 crore) as part of its Series B funding round led by new investor Paragon Partners and existing investor Aavishkaar.
The transaction also involves a small secondary component as well as debt funding from private banks, said GoBolt in a statement.
GoBolt, which is operated by Camions Logistics Solutions Pvt Ltd, said the company will use the funds to boost its presence across industries, geographies, business segments and strengthen its technology platform.
The startup was founded in October 2015 by Parag Aggarwal, Sumit Sharma and Naitik Baghla, all alumni of SP Jain Institute of Management and Research.
It provides line haul express solutions to e-commerce and non e-commerce industries. GoBolt is currently expanding its offerings into SaaS based solutions and E2E logistics solutions.
Parag Aggarwal, CEO and cofounder, GoBolt, noted the Indian subcontinent is grappling with inefficiencies in the supply chain with logistics cost estimated to be around 14% of GDP, substantially higher than the US and Europe.
"Whilst our offering of express E2E logistics and SaaS based technology solutions are transformational, we will continue to invest in technology and leverage artificial intelligence and machine learning tools to drive further efficiencies across the industry," he added.
Prior to this funding, the startup had raised Rs 40 crore ($5.5 million) in a Series A round from Aavishkaar in October 2018. In 2017, GoBolt raised an undisclosed amount of debt from non-banking financial company BlackSoil Capital. It raised around Rs 5 crore ($741,632) in a pre-Series A round from BHIP Singapore Consulting Pte Ltd in 2016.
Sumeet Nindrajog, co-founder and senior partner, Paragon Partners, said that this is the private equity firm's first investment in the logistics sector across the two funds.
Launched in 2015, Paragon Partners focuses on sectors such as consumer discretionary, financial services, infrastructure services, manufacturing and industrials, and healthcare services.
Earlier this year, the private equity firm led a funding round in meat supplier TenderCuts.
It has also backed engineering, procurement, and construction company Capacite Infraprojects Ltd, high-precision engineering components manufacturer Mani Precision, tech-enabled non-banking financial company InCred, tea café operator Chai Point and women fashion brand eShakti.
Other investments include SMEcorner, a microlending platform for small and medium businesses, and Cravatex Brands, which distributes lifestyle, sports and wellness products.