Indian logitech startup GoBOLT raises $20m from Paragon, Aavishkaar Capital

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Logistics solution provider, Camions Logistics Solutions Pvt Ltd, which owns GoBOLT, on Monday said that it has raised $20 million, in primary and secondary funding, as a part of its Series B round led by Paragon Partners and existing investor Aavishkaar Capital.

The round also includes debt lines from private banks. Paragon Partners have invested through Paragon Partners Growth Fund II.

According to the company, the current funding round will help GoBOLT in further scaling up its presence across industries, geographies, business segments and strengthening its technology platform.

Founded in 2015, GoBOLT is a new age logistics player that claims to provide an express supply chain, enabled through the use of innovative technology solutions. The startup provides line haul express solutions to the e-commerce and non-e-commerce industry.

“Indian subcontinent is grappling with inefficiencies in the supply chain with logistics cost estimated to be around 14% of GDP, substantially higher than the US and Europe. Whilst our offering of express end-to-end (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,” said Parag Aggarwal, chief executive officer and co-founder, GoBOLT.

As a part of the transaction, Sumeet Nindrajog, co-founder and senior partner at Paragon Partners, will be joining GoBOLT’s board.

“GoBOLT is Paragon’s first investment in the logistics sector across the two funds and is in line with our investment strategy of partnering with high-calibre entrepreneurs with compelling business models and assisting them in scaling up operations. With the introduction of GST and increasing modernisation of the highway network, the industry is experiencing a structural shift with strong tailwinds. GoBOLT stands well placed to cater to the strong industry growth,” said Nindrajog.

This is the second funding announcement from Paragon Partners’ second fund which comes shortly after it announced a ₹110 crore investment in omnichannel fresh meat retailer TenderCuts, earlier in February, this year.

“The GoBOLT leadership has been exceptional in their execution, with a laser-sharp focus on profitable growth. We believe the future opportunity in Indian tech-led logistics space is extremely exciting and the GoBOLT team is well placed to capture this opportunity. With this fundraise GoBOLT is well-positioned to continue its rapid growth trajectory whilst delivering significant impact to the larger logistics ecosystem of customers, vendor partners and drivers,” said Ajay Maniar, partner, Aavishkaar Capital.

GoBOLT is now expanding its offerings into Software-as-a-Service (SaaS) based solutions and E2E logistics solutions, helping its customers and partners to improve efficiencies, whilst aiding GoBOLT to expand its network coverage of lanes and transportation.

This article was first published on livemint.com

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.