India Dealbook: Delhi-based Truxapp & Myforexeye raise funding

Logistics firm Truxapp has raised $3.1 million (around Rs 19.7 crore) funding in a pre-Series A round. Also, forex services provider Myforexeye has received $220,000 (Rs 1.4 crore) in pre-Series A round.

Logistics firm Truxapp raises $3.1m

Truxapp has raised $3.1 million (around Rs 19.7 crore) in a pre-Series A funding round from a group of investors.

Delhi-based logistics startup Truxapp was founded by Manmohan Agarwal along with Dhruv Khandelwal, Sharad Pratap Singh and Naseer Ahmed. Launched in 2015, the startup is a mobile-app based logistics service which connects truck owners to businesses. Agarwal is also co-founder of e-commerce portal Yebhi.com.

The investors in the latest round include Dhoot Family of Videocon Group; Sandeep Sharma, former MD, MENA of a Global Bank; VC Bothra & Family, owners of a shipping company in Singapore; Mandhian family; the family of Ganpat Singhvi, Group Advisor & Director of a UAE-based conglomerate, according to a statement.

“The very idea of creating a single source for logistics services across the country came after experiencing the extremely fragmented logistics market during my Yebhi.com days. Since then, it has been a great journey of learning and hard work to create a platform like Truxapp. Today, we have been successful in creating a tech platform which is solving logistics problems for companies across India,” said Agarwal.

Forex services provider Myforexeye gets $220k funding

Delhi-based Myforexeye Fintech has secured $220,000 (Rs 1.4 crore) funding in a pre-Series A round from a clutch of individual investors.

Rahul Dev Kumar, Executive Director – Transaction Banking at Standard Chartered Singapore; Ankit Sharma, MD at KCS Group of Companies; and Rajesh Mahajan, Head – Power Trading of Knowledge Infrastructure Systems, participated in the funding round.

Myforexeye, which provides foreign exchange services, will use the proceeds to expand operations across India and overseas in the next five years. A part of the investment will also go into technology development and marketing, the startup said in a statement.

Myforexeye offers forex services to small and medium enterprises, business-to-business (B2B) and business-to-consumer (B2C) entities. It was founded in 2014 by Anand Tandon.

“The industry potential for this unique concept is huge as better profit margin of businesses dealing with international trade, SMEs, MSMEs and individuals is always at risk due to information arbitrage,” said investor Dev Kumar.

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