Commercial vehicle platform 91Trucks raises $5M in Series A round led by Arkam Ventures
The funds will be used to expand the company's product and technology capabilities, scale its team, and expand its offline retail footprint to over 20 stores.
Commercial vehicle platform 91Trucks has raised $5 million in Series A round led by , with participation from existing investors Titan Capital Winners Fund, Sparrow Capital, and Atrium Angels.
The funds will be used to expand the company's product and technology capabilities, scale its team, and expand its offline retail footprint to over 20 stores, 91Trucks said in a statement.
“Over 55% CV (commercial vehicle) sales in India comprise of small commercial vehicles, primarily used for last-mile delivery and owned by small fleet owners and driver operators. We are on a mission to organise and grow this segment. We are building a full-stack platform for fleet operators, removing the existing frictions plaguing the CV industry," said Siddharth Sharma, CEO & Cofounder, 91Trucks.
"In the last two years, our revenue has grown by 8x and, with this funding, we will accelerate our physical footprint across Tier II and III cities, invest in technology particularly in AI, and strengthen our team,” he added.
Founded in October 2022 by Siddharth Sharma, Vikas Sharma, and Abhishek Gautam, 91Trucks is a full-stack platform designed to simplify the process of buying used commercial vehicles. It manages everything from financing and insurance to fitness checks and RTO transfers, aiming to make vehicle ownership smooth and hassle-free. In the next 3 years, 91Trucks is targeting to sell 10,000 CVs annually.
“We are delighted to partner with a strong 91Trucks founding team that is using their past experiences to reimagine India’s used truck ecosystem via a tech-led full stack solution that eliminates massive inefficiencies. Their ability to integrate technology with offline retail brings efficiency and trust to a market that has historically lacked both," said Bala Srinivasa, Managing Director at Arkam Ventures.
“91Trucks is approaching this big market with a phygital solution, which fits well for India. Their ability to build a trusted brand in this space will give them the right to offer not just the vehicles but allied services in a one-stop-shop approach," said Shiv Kapoor, Vice President at Titan Capital Winners Fund.
"We have seen with the initial stores how buyers resonate with their offering. The founders are a great fit for this business as they understand the biggest pain points and opportunities that they can tackle in a tech-first way,” he added.
Edited by Swetha Kannan