Vahak raises USD 14 mn in funding round led by Nexus Venture Partners
The company has now raised a total of USD 20.3 million (nearly Rs 160 crore) since its first round of funding in March 2020, it added.
Startup transport services marketplace Vahak on Tuesday said it has raised USD 14 million (nearly Rs 110 crore) in a funding round led by Nexus Venture Partners.
Other investors like Fundamental, iSeed Ventures, Leo Capital, RTP Global and Titan Capital also took part in the Series A funding round, Vahak said in a statement.
The company has now raised a total of USD 20.3 million (nearly Rs 160 crore) since its first round of funding in March 2020, it added.
The funds will be used for rapid user-base expansion, building a tech infrastructure by incorporating artificial intelligence, machine learning, big data, and providing additional value-added services, the company said.
See Zee Business Live TV Streaming Below:
"We are now all set to scale our technology and operations to capture 10 of the Indian logistics market and go from 1.5 million users to 10 million users in the next one year. We plan on expanding rapidly, enabling millions of Indian transporters and businesses with the power of technology,"
Vahak CEO and Co-Founder Karan Shaha said.
Vahak has already integrated its platform with escrow payments and plans on bringing in services like insurance, GPS, spare part purchase very soon, he added.
Stating that tech adoption is increasing rapidly in the Indian logistics industry and the need for digitally-driven logistics services are even more in post-pandemic India, Shaha said, "Through our platform, we are enabling truck drivers to operate for 25-26 days a month, as compared to the meagre 12-15 days they would operate otherwise."
"Despite posting good growth, the Indian logistics market continues to face certain challenges due to the lack of technology integration. Platforms like Vahak are now bringing about the digital transformation of this sector by providing tech-driven features and services to aid millions of truck drivers and shippers in the country," Nexus Venture Partners Managing Director Sameer Brij Verma said,
As India aims to cross the USD 5 trillion economy mark, and build common wealth for all citizens, it is imperative that such tech-driven initiatives receive adequate support from all quarters, Verma added.
Vahak said it has so far attracted over 1.5 million shippers and transporters to use the platform and book from over 6 lakh trucks for their transport needs.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Top Gold ETF vs Top Large Cap Mutual Fund 10-year Return Calculator: Which has given higher return on Rs 11 lakh investment; see calculations
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
01:57 PM IST