On-demand intercity trucking marketplace Raaho has raised Rs 20 crore in the extension of its pre-series A funding round led by Inflection Point Ventures (IPV), Roots Ventures, Blume Founders Fund, and prominent angels like Kunal Shah, Vijay Shekhar Sharma, K Krishna Kumar, Venkatesh Vijayaraghavan, and Aseem Khurana, among others.
The startup has raised the funding at a valuation of 4X over the last year.
As per the startup, the freshly raised funds will be used to increase Raaho’s geographical presence across the country and strengthen its data science and ML capabilities to automate freight matching.
Raaho | Digital Freight Network
Founded by Mohammed Imthiaz along with his colleagues Muralidharan C, Vipul Sharma, Abu Fahad, and Joshua Jebakumar in 2017, Raaho is a full-truck freight marketplace connecting shippers to truckers nationwide.
The Gurugram-based startup uses technology and real-time data to ensure tracking and on-time delivery of freight and enable operational and cost efficiencies in the opaque logistics sector.
Speaking about the development, Mohammed Imthiaz, Co-Founder & CEO of Raaho, said,
“We are delighted to continue our mission of making lives better for truckers and drivers of India. With this fundraise, we plan to expand our reach to more geographies in India, while also strengthening our data science and machine learning capabilities to enhance our freight matching efficiency.”
The on-demand intercity trucking marketplace has operations across 15+ cities in India, with a presence in major cities like NCR, Karnal, Mumbai, Hyderabad, Chennai, Bengaluru, Coimbatore, Kolkata, Pune, Ahmedabad, Kanpur, and more. And with the fresh funds, Raaho aims to expand its network further and build efficiency in the trucking space to reduce empty miles.
Commenting on the development, Vinay Bansal, Founder & CEO of IPV, said,
“We are thrilled to continue our investment in Raaho, as we see enormous potential for growth in the largely untapped market of digitised trucking. The Raaho team has shown exceptional dedication in building a sustainable business model with strong fundamentals, and we are excited to be a part of their journey towards success.”
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