Logistics-tech firm Vahak has raised $5 million (Rs 37.4 crore) in its pre-Series A round of funding led by Russian venture capital firm RTP Global.
Several marquee names also came in through the round, such as Kunal Shah, founder of Cred; Vidit Aatrey and Sanjeev Barnwal, co-founders of Meesho; Farid Ahsan, co-founder of ShareChat; Amrish Rau, CEO at Pine Labs; and Harsimarbir Singh, co-founder of Pristyn Care.
Existing investor Leo Capital also participated in this round. The Bengaluru-based startup, operated by Epictus Solutions India Pvt Ltd, will use the capital to strengthen its tech capabilities and team and expand its network
“We started out with the vision of addressing the huge trust gap in the logistics space and simplifying things for transporters, agents, and vehicle owners. Going forward, we are looking to strengthen our pan-India presence,” said Karan Shaha, co-founder and CEO of Vahak.
Vahak was launched by Shaha and Vikas Chandrawat, who is an alumnus of IIT Kanpur, in July 2017. Shaha and Chandrawat were associated with Simplified Logistics Solutions Pvt Ltd.
Vahak enables logistics companies to connect with truck owners, brokers, and other transporters through its online platform.
Vahak had raised an undisclosed amount in a seed round of funding in June last year.
There has been a steady stream of investments in companies operating in the logistics-tech space in the past few years. Both investment firms and companies have made bets in this sector.
Earlier in the day, BigFoot Retail Solutions Pvt Ltd, which operates ecommerce focused logistics-tech firm Shiprocket, announced it has raised $41.3 million from the likes of PayPal's corporate venture capital arm PayPal Ventures and Temasek Holdings,
Last month, LocoNav Inc raised $37 million (Rs 274 crore) as part of its Series B funding round; and GoBolt raised $20 million (Rs 148 crore) as part of its Series B funding round led by new investor Paragon Partners and existing investor Aavishkaar.
In May, FarEye raised $100 million (Rs 728.4 crore) as part of its Series E funding round led by Silicon Valley-based venture capital firm TCV and San Francisco-based growth-oriented investment firm Dragoneer Investment Group.