E2E Logistics Solutions Provider GoBolt raises $20 million led by Paragon Partners others
GoBolt, a logistics startup based in Mumbai, has raised $20 million in a Series B round led by Paragon Partners Growth Fund II. Aavishkaar Capital, an existing investor, also participated in the funding round.
A small secondary component, as well as debt lines from private banks, are included in the capital raising round.
GoBolt is a provider of end-to-end (E2E) logistics solutions for the ecommerce and non-ecommerce industries, offering line haul express solutions.
According to co-founder and CEO Parag Aggarwal, the company is looking to raise another $10 million as part of its extended Series B round and is in talks with other investors.
In 2018, the company raised $5-$6 million in its Series A round from investors led by Aavishkar Bharat Fund. In 2016, it raised $1 million from angel investors.
The company, founded in 2015 by Aggarwal, Naitik Baghla, and Sumit Sharma, has seen revenues grow to Rs 200 crore for the fiscal year ending March 31.
“Our current revenue run rate is around Rs 22-25 crore per month and we aim to double that over the next 12-18 months,” Aggarwal said.
The funds will be used to expand into new markets, invest in technology, and expand sales operations, according to the company.
“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 the company's Board of Directors.
The Indian e-commerce industry is expected to grow at a compounded annual growth rate of more than 30%, and logistics solution providers such as Delhivery, Ecom Express, Shadowfax, Rivigo, GoBolt, and Kale Logistics have seen exponential growth during the pandemic.
Over the last year, these companies have also seen risk investors rush in to invest in their growth storey.
The Indian subcontinent is dealing with supply chain inefficiencies, with logistics costs estimated to be around 14 percent of GDP, significantly 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.
A small secondary component, as well as debt lines from private banks, are included in the capital raising round.
GoBolt is a provider of end-to-end (E2E) logistics solutions for the ecommerce and non-ecommerce industries, offering line haul express solutions.
According to co-founder and CEO Parag Aggarwal, the company is looking to raise another $10 million as part of its extended Series B round and is in talks with other investors.
In 2018, the company raised $5-$6 million in its Series A round from investors led by Aavishkar Bharat Fund. In 2016, it raised $1 million from angel investors.
The company, founded in 2015 by Aggarwal, Naitik Baghla, and Sumit Sharma, has seen revenues grow to Rs 200 crore for the fiscal year ending March 31.
“Our current revenue run rate is around Rs 22-25 crore per month and we aim to double that over the next 12-18 months,” Aggarwal said.
The funds will be used to expand into new markets, invest in technology, and expand sales operations, according to the company.
“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 the company's Board of Directors.
The Indian e-commerce industry is expected to grow at a compounded annual growth rate of more than 30%, and logistics solution providers such as Delhivery, Ecom Express, Shadowfax, Rivigo, GoBolt, and Kale Logistics have seen exponential growth during the pandemic.
Over the last year, these companies have also seen risk investors rush in to invest in their growth storey.
The Indian subcontinent is dealing with supply chain inefficiencies, with logistics costs estimated to be around 14 percent of GDP, significantly 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.
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