Startup news and updates: Daily roundup (July 4, 2024)

YourStory presents daily news roundup from the Indian startup ecosystem and beyond. Here's the roundup for Thursday, July 4, 2024.

Thursday July 04, 2024 , 2 min Read

Funding news

Lobb raises $2.9M from HNIs

Digital freight brokerage platform LOBB has raised $2.9 million in funding from a group of high-networth individuals (HNIs). These include Rajesh Voddiraju, Sharada Nandakumar, CEO of Voya India; Shyama Raju, Chairman of Divyasree Developers; Siva Tanuku, Leader, JP Morganl Ramana Reddy, President and CEO, Ensoftek; and Giri Pasumamula, Leader, Intel Corp.

“This funding will enable us to accelerate our technology-led growth and expand our reach, ensuring that we continue to deliver unparalleled value to our customers,” said Venu Kondur CEO and Co-founder of Lobb.

Backed by early-stage venture capital firm 3one4 Capital, Lobb has raised $4.4 million to date. Engaged with 1,200 logistics companies and over 5,000 fleet owners encompassing 30,000+ trucks, it has a presence in 22 cities. According to a statement, Lobb has an annual recurring revenue of Rs 170 crore.

B2B fabric marketplace Fabrito secures funding from Green Trunk

Fabrito, a B2B fabric marketplace and sourcing platform, has secured funding from Green Trunk Ventures and OYO’s Maninder Gulati joining as an angel investor, among others.

The company will deploy the funds to strengthen its technology infrastructure, which includes a software-as-a-service (SaaS) platform for ready fabric suppliers and a fabric sourcing platform for fashion brands and garment manufacturers.

Founded in 2023 by Naresh Dhaka, Pushpendra Singh and Mayank Narain, Fabrito will also direct a portion of its funds to hire sales and supply resources to cultivate deeper relationships within Indian textile hubs.