91Trucks Raises $5M in Series A Funding
91Trucks, a full-fledged commercial vehicle platform, has raised $5 million in Series A funding from Arkam Ventures, with the support of existing investors Titan Capital Winners Fund, Sparrow Capital, and Atrium Angels.
As a response to the increasing demand for new and used commercial vehicles among Tier 2 and 3 cities, 91Trucks is creating an India-focused platform for small fleet operators and first-time buyers. The platform facilitates vehicle discovery, buying, financing, as well as high levels of post-purchase assistance.
The capital will be used to strengthen product and technology capabilities, grow the team, and build its offline retail presence to more than 20 stores. 91Trucks, set up in October 2022 by Siddharth Sharma, Vikas Sharma, and Abhishek Gautam, offers used truck buyers complete support, right from financing to insurance, fitness test, and transfer of RTO, making the ownership hassle-free. The firm is targeting 10,000 commercial vehicles sales in the next three years.
Siddharth Sharma, Co-founder and CEO of 91Trucks, said, "More than 55% of CV sales in India are made up of small commercial vehicles, used primarily for last-mile delivery by small fleet owners and driver operators. We want to structure and scale this segment by creating a full-stack platform that tackles the current pain points in the CV space. Our revenue has grown 8x in the past two years, and this funding will assist us in increasing our physical footprint in Tier 2 and 3 cities, investing in technology—particularly AI—and expanding our team. We are thrilled to have Arkam and our existing investors on this journey."
Bala Srinivasa, Managing Director at Arkam Ventures, remarked, "As India aims to become an $8 trillion economy in the next decade, logistics will play a crucial role, particularly with trends like quick commerce. Small fleet operators and driver owners transport 80% of India's goods but face ongoing challenges in accessing quality used vehicles and financing. We are thrilled to partner with the strong founding team at 91Trucks, who are reimagining India's used truck ecosystem through tech-driven full-stack solution a that addresses significant inefficiencies."
Shiv Kapoor, Vice President of Titan Capital Winners Fund, commented, "91Trucks is addressing this big market with a phygital solution that is appropriate for India. Their capability to build a trusted brand will allow them to provide not only vehicles but also related services in a one-stop-shop model. Early store reactions show high buyer affinity with their products. The founders are apt for this business, as they comprehend the main pain points and opportunities that can be solved using a tech-first strategy."
As a response to the increasing demand for new and used commercial vehicles among Tier 2 and 3 cities, 91Trucks is creating an India-focused platform for small fleet operators and first-time buyers. The platform facilitates vehicle discovery, buying, financing, as well as high levels of post-purchase assistance.
The capital will be used to strengthen product and technology capabilities, grow the team, and build its offline retail presence to more than 20 stores. 91Trucks, set up in October 2022 by Siddharth Sharma, Vikas Sharma, and Abhishek Gautam, offers used truck buyers complete support, right from financing to insurance, fitness test, and transfer of RTO, making the ownership hassle-free. The firm is targeting 10,000 commercial vehicles sales in the next three years.
Siddharth Sharma, Co-founder and CEO of 91Trucks, said, "More than 55% of CV sales in India are made up of small commercial vehicles, used primarily for last-mile delivery by small fleet owners and driver operators. We want to structure and scale this segment by creating a full-stack platform that tackles the current pain points in the CV space. Our revenue has grown 8x in the past two years, and this funding will assist us in increasing our physical footprint in Tier 2 and 3 cities, investing in technology—particularly AI—and expanding our team. We are thrilled to have Arkam and our existing investors on this journey."
Bala Srinivasa, Managing Director at Arkam Ventures, remarked, "As India aims to become an $8 trillion economy in the next decade, logistics will play a crucial role, particularly with trends like quick commerce. Small fleet operators and driver owners transport 80% of India's goods but face ongoing challenges in accessing quality used vehicles and financing. We are thrilled to partner with the strong founding team at 91Trucks, who are reimagining India's used truck ecosystem through tech-driven full-stack solution a that addresses significant inefficiencies."
Shiv Kapoor, Vice President of Titan Capital Winners Fund, commented, "91Trucks is addressing this big market with a phygital solution that is appropriate for India. Their capability to build a trusted brand will allow them to provide not only vehicles but also related services in a one-stop-shop model. Early store reactions show high buyer affinity with their products. The founders are apt for this business, as they comprehend the main pain points and opportunities that can be solved using a tech-first strategy."
.jpg "Mentza : Redefining Career Readiness through AI-Driven Skill Assessments & Mentoring")
