Paytm’s Vijay Shekhar Sharma, among others, has infused funding worth Rs 20 crore in Gurgaon-based digital truck freight services provider Raaho in an extended Pre-Series A round at a valuation of 4x over the last year. The round was led by Inflection Point Ventures (IPV), Roots Ventures, Blume Founders Fund and prominent Angels like, Kunal Shah, K Krishna Kumar, Venkatesh Vijayaraghavan, Aseem Khurana amongst others. With this fund raise, the company plans to expand its reach to more geographies in India, while also strengthening its data science and machine learning capabilities to enhance the freight matching efficiency.
“With the recent funding injection, we are well-equipped to execute our ambitious growth plans and utilize the funds to strategically drive geographical expansion and invest in building a robust technology and data science infrastructure that will automate freight matching and help towards building a better tomorrow for truckers , shippers and environment as a whole,” Imthiaz, Co-Founder & CEO, Raaho, told FinancialExpress.com.
“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,” said Vijay Shekhar Sharma.
Raaho has operations across 15+ cities in India with presence in major cities like NCR, Chennai, Bengaluru, Coimbatore, Mumbai, Hyderabad, Kolkata, Pune, Ahmedabad, Kanpur, Karnal and more. The fresh funds will help the start-up expand its network further and “build efficiency in the trucking space to reduce empty miles”.
“We are thrilled to announce that Raaho has achieved phenomenal growth over the last 12 months, with a remarkable 3X growth in all our business metrics,” Imthiaz said. Raaho offers an on-demand trucking solution through its complete suite of apps (Shipper App, Trucker App, and Driver App) to offer verified vehicles, credible shippers, real-time tracking of freight-loaded vehicles and instant digital payments.