The company said it will utilise the fund for ramping up technology development, team expansion for marketing and building partnerships with fleet owners.
Bengaluru-based urban logistics service provider startup Mojro raised $650,000 (Rs 4.23 crore) in a pre-Series A round led by equity crowdfunding platform 1Crowd. The company said it will utilise the fund for ramping up technology development, team expansion for marketing and building partnerships with fleet owners.
The recent round of funding also saw participation of other investors including Tamil Nadu-based diversified business group Naga Limited. The technology platform of Bengaluru-based Mojro helps fleet owners with organising capacity, route planning, fleet supply and operations, said a statement from the company.
The startup was founded in 2016 by Kishan Aswath, Amit Kulkarni, Ranganath Seetharamu and Swaminath Jeyachandran. Veteran banker MA Ravi Kumar and angel investor Sounder Kannan would also join the Board of the company.
Kishan Aswath, CEO, Mojro, said, “Mojro envisions to be a technology-enabled logistics platform that seamlessly automates end-to-end logistics needs of business entities, and provides them an efficient and effective means to store, package and move goods.”
Anup Kuruvilla, Co-founder of 1Crowd, said, “Along with a well-respected, experienced and dedicated team, Mojro addresses key modern-day challenge of urban logistics. While there are several players in the logistics market, Mojro has the unique value proposition of being the only player in the market that has optimisation and on-the-ground execution as two cornerstones of its platform. The company has positioned itself as a technology-assisted platform solution company solving several issues of fleet capacity, route planning and fleet supply and operations, helping fleet owners maximise the benefits from their assets.”
The Software as a Service side of the business uses technologies like machine learning, big data analytics, heuristics, and cognitive science for optimisation of route, vehicle, space utilisation and cost, taking into account various constraints for both shipper and receiver, including time frame, service-level agreements, types of goods and load distribution.