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