Existing investor Aavishkaar Capital also participated in the funding round.
The capital raising round includes a small secondary component as well as debt lines from private banks.
It is looking to raise another $10 million as part of its extended Series B round and is in talks with other investors, cofounder and chief executive Parag Aggarwal told ET.
The company raised $5-$6 million as part of its Series A round in 2018 from investors led by Aavishkar Bharat Fund. It raised $1 million from angel investors in 2016.
Founded in 2015 by Aggarwal, Naitik Baghla and Sumit Sharma, the company has seen revenues grow to Rs 200 crore for the financial year ended March 31.
Our current revenue run rate is around Rs 22-Rs 25 crore per month and we aim to double that over the next 12-18 months,” Aggarwal said.
The company said it will use the capital to expand to newer geographies, invest in technology and expand its sales operations.
“With the introduction of GST and increasing modernisation of the highway network, the industry is experiencing a structural shift with strong tailwinds. Covid-19 has provided a fillip to the e-commerce industry and agile tech-led profitable players such as GoBolt stand well placed to cater to the strong industry growth,” said Sumeet Nindrajog, cofounder and senior partner, Paragon Partners.
Nindrajog will join its Board of Directors.
India’s e-commerce industry is expected to grow at a compounded annual growth rate of over 30% and logistics solutions providers such as Delhivery, Ecom Express, Shadowfax, Rivigo, GoBolt and Kale Logistics have seen manifold growth during the pandemic.
These companies have also seen risk investors rush in to invest in their growth story over the last 12 months.
The Indian subcontinent is grappling with inefficiencies in the supply chain, with logistics costs estimated at around 14% of GDP, substantially higher than in the United States 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,” Aggarwal added.
News source- Economic Times