Trucking marketplace Raaho raises Rs 20 Cr in pre-series A extension round
According to a statement by the company, the funding will be used to increase Raaho’s geographical presence across the country and strengthen its data science and ML capabilities to automate freight matching.
Monday March 13, 2023,
2 min Read
, an on-demand intercity trucking marketplace, has raised Rs 20 crore in the extension of its pre-series A round at a valuation of 4X over the last year.
The round was led by Inflection Point Ventures (IPV), Roots Ventures, Blume Founders Fund, and prominent angels like Vijay Shekhar Sharma, Kunal Shah, K Krishna Kumar, Venkatesh Vijayaraghavan, and Aseem Khurana, among others.
"We are proud to share that our valuation has increased by 4x since our last round, with our current round valued at Rs 396 crore," said Mohammed Imthiaz, Co-founder & CEO, Raaho, in an interaction with YourStory.
With the current round, the startup has so far raised Rs 37 Crore in funding. In December 2021, Raaho had raised Rs 12.5 crore in its pre-Series A round of funding led by IPV, Nitish Mittersain (Founder, Nazara), with participation from existing investors Roots Ventures, Venkatesh Vijayraghavan (Group CEO, Board Member, Cavinkare), Miten Sampat from CRED, and others.
According to the company statement, the fresh capital infused will be used to increase Raaho’s geographical presence across the country and strengthen its data science and ML capabilities to automate freight matching.
Established in 2017 by Imthiaz along with his colleagues Muralidharan C, Vipul Sharma, Abu Fahad, and Joshua Jebakumar, Raaho uses technology and real-time data to ensure tracking and on-time delivery of freight, and enable operational and cost efficiencies in the opaque logistics sector.
The Gurugram-based company has operations across 15+ cities in India, with presence in major cities like NCR, Chennai, Bengaluru, Coimbatore, Mumbai, Hyderabad, Kolkata, Pune, Ahmedabad, Kanpur, Karnal, and more. With the fresh funds, the startup aims to expand its network further and build efficiency in the trucking space to reduce empty miles.
“We are delighted to continue our mission of making lives better for truckers and drivers of India. With this fundraise, we plan to expand our reach to more geographies in India, while also strengthening our data science and machine learning capabilities to enhance our freight matching efficiency," stated Imthiaz, Co-Founder & CEO, Raaho.
"We are thrilled to continue our investment in Raaho, as we see enormous potential for growth in the largely untapped market of digitised trucking. The Raaho team has shown exceptional dedication in building a sustainable business model with strong fundamentals, and we are excited to be a part of their journey towards success," added Vinay Bansal, Founder & CEO, IPV.
Edited by Megha Reddy