Trucking marketplace Raaho raises Rs 17.8 crore

On-Demand intercity trucking marketplace Raaho has raised a total of Rs 17.8 crore from a set of investors and plans to utilize the funds to expand its presence pan-India and make the product 100 per cent on-demand, the company said on Wednesday.

Raaho raised Rs 5.3 crore in seed fund round and another Rs 12.5 crore in Pre-Series A round, a statement said.

The fresh capital has been pumped in by both the existing and new investors with the round-led by investors IPV, a first time investor in Raaho, and Nitish Mittersain (Founder - Nazara), it said.

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The pre-series A funding also saw the participation from existing investors Roots Ventures, Venkatesh Vijayraghavan (Group CEO, Board Member, Cavinkare) , Miten Sampat from CRED, among others, the platform said.

Set up in 2017 to streamline the opaque and tedious processes of a fragmented trucking industry, which is primarily dominated by brokers, Raaho connects third-party logistics agencies to fleet owners powered by its real-time /technology intensive matchmaking algorithm, according to the release.

The USD 100-billion domestic trucking is largely unorganized, offline and is plagued with massive deadhead and wastage, Raaho said. It's estimated that 25 per cent of total travel by a truck is empty which leads to huge loss for the trucker, loss for the economy and also a huge environmental challenge, as per the release.

The Gurgaon-based company has presence across the NCR region, Chennai, Bangalore, Coimbatore, Hyderabad and Pune.