[Funding alert] Tech-driven intra-city logistics aggregator COGOS Technologies raises $1M led by IAN
Bengaluru-based tech-driven intra-city logistics aggregator COGOS Technologies has raised $1 million in pre-Series A funding round led by IAN investor Niraj Saran, with participation from Emergent and outside HNI investors. As part of the deal, Niraj will join the board at COGOS Technologies.
The company will use the funding into optimising its current technological offerings, developing innovative and sustainable transportation solutions, and strengthening its human resources.
Prasad Sreeram, Founder & CEO of COGOS Technologies, said,
“We will be leveraging this capital to further enhance our current offerings, build newer products, and strengthen our team.”
Founded in June 2016 by Prasad Sreeram and Dr Rama Mohan Katta, the startup focuses on enabling intra-city trucking enterprises through its intelligent, tech-enabled platform. The platform is integrated with advanced sensors, IoT technology, and third-party applications to uplift over four million truckers and transform 8 million enterprises across the country.
The company is also set to introduce an e-cargo segment with a fleet of electric cargo vehicles. It has already expanded its operations in 45 cities across 11 states and intends to utilise the recently-acquired funding to augment the Indian trucking ecosystem.
Speaking on the investment, Niraj Saran, Lead Investor, IAN said,
“We are delighted to see the way emerging startups are identifying and resolving incumbent problems with the help of the latest technological tools. COGOS Technologies is one such enterprise. Its innovative solutions coupled with the founders’ dedication have the potential to transform the Indian logistics ecosystem for the better.”
COGOS states that intra-city trucking in India is currently an unorganised market with around 85 percent of players comprising individual transporters. Against such a backdrop, the cutting-edge services of COGOS Technologies are well-placed to disrupt the market worth $60 billion.
Earlier this month, IAN Fund invested Rs 19 crore in Series A round in Delhi-based pollution control device maker Chakr Innovation, along with Jyoti Sagar and IDFC-Parampara Fund.