India: Impact investor Aavishkaar invests $5.5m in logistics tech firm GoBOLT

Camions Logistics Solutions Pvt. Ltd., a tech-enabled surface transportation company that operates under the brand name ‘GoBOLT’, has raised Rs 40 crore (around $5.5 million) from impact investment firm Aavishkaar.

According to an official release, the investment firm, part of the Aavishkaar – Intellecap Group, participated in the company’s Series A round from its Aavishkaar Bharat Fund.

“GoBOLT will be leveraging the funds to strengthen team, expand presence across India, increase fleet size, further develop its technology platform and also foray into allied business segments,” the company said in its release.

Existing investor BHIP Singapore Consulting Pte. Ltd continues to be invested in the company, it added.

Founded in 2015, GoBOLT, offers tech solutions such as fleet composition selection, route/delivery planning, real time tracking, reliable documentation and control, and express movement. It focuses on express cargo movement and caters to leading e-commerce, FMCG and FMCD companies through its fleet of owned and hired vehicles.

In 2016, the Delhi-based firm raised an undisclosed amount of funding in its pre-Series A round from MCube8, a startup incubator.

“With the advent of GST and increased regulatory focus, the logistics industry is moving towards efficient transit times and GoBOLT being an express logistics company, is well positioned and prepared to lead this change,” said Parag Aggarwal, CEO, GoBOLT.

Founded in 2002, Aavishkaar has made more than 58 equity investments across sectors and geographies including South Asia, and has raised six funds delivering commercial returns with close to $300 million assets under management. It is now considering launching its seventh fund in Africa.

In November 2017, Aavishkaar raised $95 million in the first close of its $200 million Aavishkaar Bharat Fund, the firm’s sixth fund. It announced an investment of about $5.4 million in Kottaram Agro Foods, a Bangalore-based packaged foods startup that markets its products under the brand ‘Soulfull’ in March this year. Most recently, it invested $6.5 million as part of the Series-B round of funding raised by Nepra Resource Management Pvt Ltd.

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