[Exclusive] LCV focused marketplace LOTrucks secures undisclosed amount in angel round
Besides burgeoning hyperlocal delivery and aggregation space, Truck and LCV aggregation seems to be a promising segment for investors. After Blowhorn ThePorter and TheKarrier, Bengaluru-based LOTrucks has raised an undisclosed amount of funding from Prakash B Iyer. The company will use the funds to concentrate on Bengaluru as well as Chennai markets. The funds will also be deployed for developing product and hiring.
Following the investment, Prakash will join LOTrucks’s board. He is a ship captain with close to two decades experience in shipping Industry.
The brainchild of Bharath, Goutham and Ram Narayan, LOTrucks is an aggregator of trucks in Bengaluru and Chennai which provides trucks on demand to transport goods for customer, by placing an order online. Speaking about investment Bharat Narayan, CEO & co-founder, LOTrucks said,
After seeing the model and traction Prakash was impressed and decided to invest in the company. Apart from the money the kind of experience and contacts in the logistics Industry the captain brings in is more valuable.
With 13 people team, currently LOTrucks does more than 100 trips a day in Bengaluru and recently expanded to Chennai. Bharat added,
Our team is already working on the ground operations building vehicle network. By the end of this month, we will start delivering in Chennai and Hyderabad by August.
With its vendor app, LOT is trying to reduce the time gap between order booking and processing, and currently it processes the orders within 30 minutes and plans to reduce it to 10 minutes.
Competition and funding in LCV & truck aggregation space
At present, there are many players trying to solve this pain point and a slew of them also attracted angel and VCs interest. Bengaluru-based Blowhorm secured undisclosed amount of seed funding from Unitus Seed Fund while TheKarrier raised INR 1.5 crore. Mumbai-based porter had snapped up INR 35 Crore from Sequoia and Kae Capital
Gurgaon-based Trucksfirst had raised the biggest round of INR 61.8 crore (Series A) SAIF Partners so far in this segment. Besides, hyperlocal delivery segment, truck and LCV aggregation space would be interesting to watch this year.