Trucking logistics start-up Fortigo Network raised $10 million in Series A funding from existing investors Accel Partners and Infosys co-founder Nandan Nilekani. Fortigo will use this fund to expand its current network of trucks, invest in building technology and payment platform for the logistic industry. It will also use the fund to get fleet owners on the Goods and Service Tax Network (GSTN). It currently 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, “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 Kanpurand, 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.”
Fortigo was founded in late 2015 by Vivek Malhotra and Anjali Mandal and had raised about $2 million seed fund from Accel and Nandan Nilekani. Fortigo Network operates a freight exchange platform enabled with live transaction and electronic payments. Using the cloud-based platform of Fortigo Network, consignors, consignees, fleet owners, transport companies and agencies can exchange information, transact and manage their entire business.