India: Logistics startup Fortigo to raise $2m from Infosys co-founder Nandan Nilekani, others

Visual from Nandan Nilekanis website

India-based Fortigo, a logistics services provider that will soon be launched by technology industry executives Vivek Malhotra and Anjani Mandal, is in talks with Nandan Nilekani, Infosys‘ co-founder, to raise $2 million in seed funding, according to an Economic Times report citing sources.

Other investors like Accel Partners is also expected to participate in the round.

Fortigo will be providing the trucking services and will target small and medium-sized businesses and truck owners with relatively smaller-sized fleets.

It will help truck owners manage and track their inventory more efficiently and help save logistics cost also. Through the startup, the truck drivers can plan their journeys and can reduce the delays in transportation.

Both Malhotra and Mandal are ex-employees of tech firm Headstrong. Mandal has over two-and-a-half years of experience in IT & BPO and manufacturing and Mandal has over three decades of experience.

Mandal holds a post graduate diploma in business management from IIM, Calcutta and Malhotra holds a BTech in Aerospace Engineering from IIT, Kanpur.

Nilekani, the former UIDAI chairman, has also backed mobile balance tracking startup Mubble and mobile publishing startup Juggernaut.

In June, he led a Rs 100 crore ($15.3 million) round in Cafe Coffee Day (CCD) which is run by Coffee Day Enterprises Ltd.

The online logistic sector continues to raise funding from industry veterans. Most recently, on-demand logistics startup Instavans raised money from Dell’s Suresh Vaswani.

Early last month, Quifers raised $308k from IAN and Smile Group. In June, Moovo received money cricketer Yuvraj Singh’s fund YouWeCan Ventures and prior to that in May, theKarrier, an intra-city aggregator for mini trucks, raised Rs 1.5 crore ($229.8k) from Sol Primero, Outbox Ventures and Nikunj Jain.

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Hyperlocal grocery startup Grofers acquires logistics firm Townrush

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IDFC Alternatives plans investments in energy and logistics out of $845 m fund

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.