Delhi-based logistics startup Truxapp, which was floated by Yebhi.com co-founder Manmohan Agarwal, has raised $3.1 million (around Rs 19.7 crore) in a pre-Series A funding round from a clutch of investors.
The investors who participated in the round include family of Videocon Industries' chairman Venugopal Dhoot; Ajay Bhatia, managing director of UAE-based Bhatia Brothers LLC; Tarun Khandelwal, managing director of Add-Advisory Partners; family of Ganpat Singhvi, group advisor and director of UAE-based Al Nasser Holdings LLC; Mandhian family which has investments in real estate, capital markets and tech startups; and others, the startup said in a statement.
The platform, which is operated by Trux App Pvt. Ltd, was founded by Manmohan Agarwal, who earlier co-founded ecommerce portal Yebhi.com. Other co-founders of Truxapp include Dhruv Khandelwal, Sharad Pratap Singh and Naseer Ahmed.
“Truxapp has 226,000 trucks on its platform with a presence in 150 cities. This demonstrates the quality of the management team led by Agarwal,” said Khandelwal.
Truxapp is a mobile app based logistic service which connects truck owners to businesses.
The firm, which was launched in 2015, claims to have expanded to more than 21 states.
“The idea of creating a single source for logistics services across the country came after experiencing the fragmented logistics market during my Yebhi.com days. Since then, it has been a journey of learning and hard work to create a platform like Truxap,” said Agarwal.
In the logistics segment, Kartha Techno Logistics Pvt. Ltd, which runs hyper-local logistics platform VDeliver, raised an undisclosed amount of funding in its pre-Series A round from Hyderabad-based Corvus Ventures, Mumbai-based MAPE Advisory Group, Sify co-founder R Ramaraj and Microsoft India corporate vice president Anil Bhansali in July.
In May, logistics startup Delhivery Pvt. Ltd raised Rs 200 crore from China’s Fosun International as part of a larger funding round.
Earlier, Bengaluru-based truck network platform 4tigo Network Logistics raised about $10 million in Series A funding from existing investors Accel Partners and Infosys co-founder Nandan Nilekani.