Mumbai-based hyperlocal logistics services startup Grab has raised an undisclosed amount in debt financing. The funding comes from UAE-based logistics firm Aramex Ventures.
As per the documents with the registrar of companies (RoC), Grab has raised about $20 Milion (Rs. 13.34 Cr) in debt from Aramex Ventures in the first tranche.
Further, it plans to raise two more tranches from Aramex for almost 25% of the total paid-up share capital on a fully diluted basis.
The company was founded by Jignesh Patel, Nishant Vora and Pratish Sanghvi in 2012. Grab is a hyperlocal logistics services to enterprises such as restaurants, food tech platforms, groceries, ecommerce platforms, and banks.
Its clientele include companies like Snapdeal, Zomato, McDonalds, Big Bazaar, RBL Bank, Pizza Hut, and more. It works with more than 1280 merchants across 10 cities.
According to Tracxn, at least 27 hyperlocal B2B delivery startups were founded in India since January last year. The hyperlocal delivery sector has witnessed about $38 Million in investments so far.
Apart from Grab, it seems that Aramex has also put money two more startups. It has invested in India’s Logisure and UK’s what3words. While the investment in Logisure is not revealed, it has invested $2.94 million in what3words.
In India Aramex is working with many major eCommerce platforms as well as shipping India-bound orders from Amazon.com.