GoBOLT will use the funds to expand its presence across India, increase fleet size, develop technology, and foray into allied business segments.
Mumbai-based GoBOLT, which provides smart logistics solutions to companies by harnessing data analytics and IoT, announced it had raised Rs 40 crore from Aavishkaar Venture Management Services.
The company, which focuses on express cargo movement and caters to leading ecommerce, FMCG and consumer durables companies through its owned and hired fleet will use the funds to expand its presence across India, increase its fleet size, strengthen its team, further develop its technology, and foray into allied business segments.
"We are excited about working with the team at GoBOLT, who have demonstrated an unyielding focus on improving operational efficiencies through their technology platform. Logistics is a sector that is poised for transformation and GoBOLT has demonstrated that by leveraging technology. We believe that the interplay between technology and logistics through GoBOLT has the potential to create significant scale and impact," Ajay Maniar, Partner, Aavishkaar Venture Management Services, said in a release.
Founded by Parag Aggarwal, Naitik Banghla and Sumit Sharma, GoBOLT was incorporated in 2015.
Prayag says, "We founded GoBOLT with a vision to transform the sector through technology-enabled operational excellence. We are extremely excited to partner with Aavishkaar, who shares our vision of driving transformation by creating value for all stakeholders."
Existing investor Sidhant Dua, Global Chief Financial Officer at BHIP Singapore Consulting Pvt Ltd, says, "We are delighted with the numerous accomplishments of the team at GoBOLT over the last three years. They have proved...a traditionally unorganised sector such as logistics can be truly disrupted to provide the most economical and efficient services to consumers, in addition to improving the quality of lives of the fleet operators and drivers."
According to a study conducted by researcher Novonous, the Indian logistics industry is worth $300 billion and is expected to grow at a CAGR of 12.17 percent by 2020. Players like recently funded BlackBuck, Delhivery and Ecom Express are prominent in the market. In a previous conversation with YourStory, GoBOLT founders had claimed their differentiator was that they leverage the marketplace format for express ecommerce deliveries.
The GoBOLT team claims to have logged revenue of Rs 1.18 crore in the very first year of its operation - FY 2015-16, and claim to have achieved a near 10-fold growth in revenue in 2016-17.