Trucking marketplace RAAHO Secures INR 20 Crores in Pre-Series A Funding Extension
The marketplace for intercity trucks, backed by existing investors like IPV and Roots Ventures, along with new investors such as Blume Founders Fund, Vijay Shekhar Sharma, Kunal Shah, and others, plans to leverage the recently secured funds to bolster its data science and machine learning capabilities. This strategic move will facilitate the acceleration of future expansion plans.
New Delhi, March 13 2023: Raaho, a leading digital freight network in India, has secured INR 20 crore in funding as an extension to its pre-series A round, at a valuation four times higher than the previous year. The funding round was led by Inflection Point Ventures (IPV), Roots Ventures, Blume Founders Fund, and notable angels including Vijay Shekhar Sharma, Kunal Shah, K Krishna Kumar, Venkatesh Vijayaraghavan, and Aseem Khurana, among others. The fresh capital infusion will be utilized to expand Raaho’s presence across the country and bolster its data science and machine learning capabilities for automating freight matching.
Imthiaz, Co-Founder & CEO, Raaho, said,“We are delighted to continue our mission of making lives better for Truckers and Drivers of India. With this fund raise , we plan to expand our reach to more geographies in India, while also strengthening our data science and machine learning capabilities to enhance our freight matching efficiency. At Raaho, we’re committed to building a better tomorrow for all.
Vinay Bansal , Founder & CEO, IPV said “We are thrilled to continue our investment in Raaho, as we see enormous potential for growth in the largely untapped market of digitized trucking. The Raaho team has shown exceptional dedication in building a sustainable business model with strong fundamentals, and we are excited to be a part of their journey towards success.”
Vijay Shekhar Sharma, “I’ve known Imthiaz for over 15 years, and I’m excited to personally invest in Raaho’s mission to enhance the well-being of truckers and drivers. As we see more industries impacted by digitisation, the potential to improve the efficiency of the trucking market is immense and I look forward to this ride with Raaho”.
The company based in Gurgaon operates in over 15 cities across India, including major metropolitan areas such as NCR, Chennai, Bengaluru, Coimbatore, Mumbai, Hyderabad, Kolkata, Pune, Ahmedabad, Kanpur, Karnal, and others. With the infusion of new funds, the startup intends to extend its reach and enhance efficiency in the trucking industry by minimizing empty miles.