India-based end-to-end logistics solutions provider, GoBolt has said to have raised $20 million in its Series B round, led by Paragon Partners Growth Fund II.
As per the reports, existing investor Aavishkaar Capital also participated in the funding round.
The capital raising round includes a small secondary component as well as debt lines from private banks.
GoBolt offers line haul express solutions to the ecommerce and non-ecommerce industry.
GoBolt’s Co-founder and CEO, Parag Aggarwal told a leading business publication that it is looking to raise another $10 million as part of its extended Series B round and is in talks with other investors.
The company raised $5-$6 million as part of its Series A round in 2018 from investors led by Aavishkar Bharat Fund. It raised $1 million from angel investors in 2016.
Founded in 2015 by Aggarwal, Naitik Baghla and Sumit Sharma, the company has seen revenues grow to Rs 200 crore for the financial year ended March 31.
The company said it will use the capital to expand to newer geographies, invest in technology and expand its sales operations.
“With the introduction of GST and increasing modernisation of the highway network, the industry is experiencing a structural shift with strong tailwinds. Covid-19 has provided a fillip to the e-commerce industry and agile tech-led profitable players such as GoBolt stand well placed to cater to the strong industry growth,” said Sumeet Nindrajog, cofounder and senior partner, Paragon Partners.
Nindrajog will be joining its Board of Directors.
Aggarwal also said that, “Whilst our offering of express E2E logistics and SaaS-based technology solutions are transformational, we will continue to invest in technology and leverage Artificial Intelligence and Machine Learning tools to drive further efficiencies across the industry.”
