Truckola, a Mumbai-based cargo transportation startup, has raised Rs 4 crore in the angel round via LetVenture. Abhishek Agarwal, Director, Fortune Interfinance (FIFL) led this round of investment for Truckola.
A group of high profile investors including Al Hamra Group; Krishnakumar Natarajan, Executive Chairman of Mindtree; Sarath Sura, Chairman of GreyCampus; Shanti Mohan, Founder of LetsVenture; Sarthak and Nihit Agarwal of Shubhalakshmi Polyesters; and Suramya Gupta, fund manager at a Japanese VC Firm participated in the angel round.
The raised funds will be primarily utilized for scaling up the technology, marketing, operations expansion and for strengthening the service delivery capability of the company. This also marks the first funding in India from Al Hamra Group, a private company based in the UAE Al Hamra.
Truckola was founded by Raghav Himatsingka, Keshav Himatsingka and Vipul Garg in August 2015 and started operations in late September 2015. They all aims to disrupting the industry by making cargo transportation cost optimal, convenient and stress free for everybody from drivers to cargo owners.
Raghav Himatsingka, co-founder of Truckola says,
We are using technology in a revolutionary way to optimize the transport eco system and make the business model operationally scalable. We do this primarily by creating visibility in the value chain for better supply-demand alignment, and by reducing the idling time of vehicles. We have already seen tech disruption in transportation in the US and in Europe that have created billion dollar exits for companies. Given the size of the problem, it is inevitable that such a disruption/consolidation will happen in India as well, and our goal is to affect that disruption from the front in the quickest manner possible.
Transportation in India is expected to be a $300 billion industry by 2020. It has traditionally been a profitable but inefficient and unscalable business so far because of the lack of technology adoption in the sector.