[Funding alert] Logistics startup GoBolt raises $20M in Series B led by Paragon Partners and Aavishkaar Capital
Camions Logistics Solutions Private Limited (“GoBOLT”), a technology-led, logistics player focussed on providing End-to-End (E2E) logistics solutions on Monday announced that it has raised $20 million towards its Series B round from Paragon Partners Growth Fund II (“Paragon Partners”) and existing investor Aavishkaar Capital. The round also includes small secondary components as well as debt lines from private banks.
Based out of Gurgaon and co-founded in 2015 by Naitik Baghla, Parag Aggarwal and Sumit Sharma,is focussed on transforming the Indian logistics industry into an express supply chain, enabled through the use of innovative technology solutions. GoBOLT provides line haul express solutions to the ecommerce and non ecommerce industry, and claims to have achieved a ~6x revenue growth over the last three years.
Sumeet Nindrajog, Co-founder and Senior Partner from Paragon Partners, will be joining the Board of Directors.
Commenting on the investment, Sumeet Nindrajog, stated,
“GoBOLT is Paragon’s first investment in the logistics sector across the two funds and is in line with our investment strategy of partnering with high-calibre entrepreneurs with compelling business models and assisting them in scaling up operations. With the introduction of GST and increasing modernisation of the highway network, the industry is experiencing a structural shift with strong tailwinds.
Furthermore, COVID-19 has provided a fillip to the ecommerce industry and agile tech-led profitable players such as GoBOLT stand well placed to cater to the strong industry growth.We are excited to invest in a scaled and profitable tech-enabled platform led by a young, dynamic team of three founders who bring in complementary skill sets, experience and a collaborative decision-making approach.”
This is the second funding announcement from Paragon Partners’ second fund which comes shortly after the Rs 110 crore funding round in TenderCuts, an omnichannel retailer of fresh meat and seafood which was announced in February 2021.
Parag Aggarwal, CEO and Cofounder, GoBOLT, said
“We are excited to on-board Paragon Partners as investors and would like to thank Aavishkaar Capital for their continued support. Indian subcontinent is grappling with inefficiencies in the supply chain with logistics cost estimated to be around 14 percent of GDP, substantially higher than US and Europe. Whilst our offering of express E2E logistics and SaaS based technology solutions are transformational, we will continue to invest in technology and leverage Artificial Intelligence and Machine Learning tools to drive further efficiencies across the industry.”
"The GoBOLT leadership has been exceptional in their execution, with a laser sharp focus on profitable growth. We believe the future opportunity in Indian tech-led logistics space is extremely exciting and the GOBOLT team is well placed to capture this opportunity. With this fundraise GoBOLT is well positioned to continue its rapid growth trajectory whilst delivering significant impact to the larger logistics ecosystem of customers, vendor partners and drivers,” added Ajay Maniar, Partner, Aavishkaar Capital.