Bengaluru-based intra-city logistics provider Blowhorn, owned by Catbus Infolabs Pvt. Ltd., has raised fresh funds from existing investors Chiratae Ventures and Dell Foundation, and new investors including Venture Catalysts, James Lee Sorenson and Japanese VC firm, Dream Incubator, the company said in a statement on Tuesday. It, however, did not provide details on the quantum of funds raised.
The company provides full-stack logistics services through its tech platform that connects logistics service seekers with mini-truck drivers through a website and mobile app. The company has expanded its presence to over 30 cities and now has over 25,000 driver partners on its platform.
Mithun Srivatsa, chief executive of Blowhorn, in a statement, said the company was in talks with several potential investors who may lead a larger round within the next 6-9 months.
“With a strong core team in place, we are expanding rapidly and are seeing significant growth in our recently launched verticals. Our goal is to be active across more than 100 cities across India by 2021, and we are on track to achieving that. We are also in the final stages of executing our first international foray,” said Srivatsa.
“With our expertise in both investments and strategy consulting in Asia, we will help Blowhorn as a strategic partner with geographic expansion and business planning. In India, we have made more than 20 investments in the space of health, finance, media & entertainment, mobility and more. We will continue investing in promising startups in the future,” said Eto Munehiko, managing director of Dream Incubator India, in a statement.
According to Dr. Apoorv Ranjan Sharma, co-founder of Venture Catalysts, the mini-truck transportation market in India is valued at ₹30,000-60,000. “Blowhorn has been doing some exceptional work in the domain, and we are certain the current round of investment will go a long way in empowering the company to expand and enrich its operations,” added Sharma.
Blowhorn competes with other startups, including LetsTransport which last raised $12 million in a Series B financing round in December, as well as Bengaluru-based Porter which announced a merger with the Mahindra Group in February last year.
This article was first published on livemint.com