1. Fortigo Network raises $10m from existing investors

Fortigo Network raises $10m from existing investors

Logistics start-up Fortigo Network today announced that it had secured $10 million in its Series A funding round.

By: | Bengaluru | Published: May 3, 2017 8:56 PM
Anjani Mandal, co-founder and CEO, Fortigo Network, said, that with this funding, the company will be able to extend the Fortigo Network to a pan-India level. (Reuters)

Logistics start-up Fortigo Network today announced that it had secured $10 million in its Series A funding round. The funds were raised from existing investors, Infosys co-founder and former UIDAI Chairman Nandan Nilekani and Accel Partners, the company, a truck network, said. The company said it aims to use the new funds to enhance the platform as well as fuel expansion of their truck network which has presence in all south Indian states, south Maharashtra, Gujarat, Pune, Kolkata, Mumbai and Delhi NCR.

Anjani Mandal, co-founder and CEO, Fortigo Network, said, that with this funding, the company will be able to extend the Fortigo Network to a pan-India level.

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“Our blueprint is to enter and mark our presence in all the important transport hubs of the country including Guwahati, Jaipur, Raipur, Nagpur, Lucknow and Kanpur and the hubs of Orissa, Bihar and Jharkhand over the next nine months. With this push, we expect to achieve our next milestone of reaching break-even by December 2018.”

Launched in June last year, Fortigo Network expects to grow by close to 50,000 trucks over the next two years.

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