Tech-logistics Startup GoBOLT Raises Rs 40 Cr in Series A Funding from Aavishkaar
GoBOLT will be leveraging the raised funds primarily to strengthen its team, expand its presence across India, increase its fleet size, further develop its technology platform and also foray into allied business segments.
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Aavishkaar, the pioneering impact fund advisory firm and part of the Aavishkaar - Intellecap Group, announced an investment of Rs. 40 crores from its Aavishkaar Bharat Fund towards the Series-A round of equity investment raised by Camions Logistics Solutions Pvt. Ltd., a technology-enabled surface transportation company that operates under the brand name ‘GoBOLT’. GoBOLT will be leveraging the raised funds primarily to strengthen its team, expand its presence across India, increase its fleet size, further develop its technology platform and also foray into allied business segments.
Despite the large size of India’s road transportation industry at 8% of GDP, it is plagued with significant inefficiencies – characterized by high levels of fragmentation, empty backhauls, low vehicle utilization, and excessive intermediation. Integration of technology into logistics provides an opportunity to address the legacy issues whilst at the same time offering a far superior customer experience in terms of timely placement of vehicles, reduced transit times and greater visibility and control on the cargo.
GoBOLT, incorporated in 2015, focuses on disintermediation and increased vehicle utilization by leveraging technology. The company focuses on express cargo movement and caters to leading E-Commerce, FMCG and FMCD companies through its fleet of owned and hired vehicles. Its technology platform enables it to drive operational efficiencies through improved route planning, documentation, tracking and control, etc. resulting in reduced transit time and improved service levels for its clients.
Speaking on the funding, Parag Aggarwal, CEO, GoBOLT said, “We founded GoBOLT with a vision to transform the sector through technology-enabled operational excellence. With the advent of GST and increased regulatory focus, the logistics industry is moving towards efficient transit times and GoBOLT being an express logistics company, is well positioned and prepared to lead this change. We believe our model of using technology to integrate our drivers and vendor partners is transformational and enables their skill enhancement and financial & social inclusion. We are extremely excited to partner with Aavishkaar who shares our vision of driving transformation by creating value for all stakeholders.”
Ajay Maniar, Partner, Aavishkaar Venture Management Services, said, “We are extremely excited about working with the team at GoBOLT who have demonstrated an unyielding focus on improving operational efficiencies through their technology platform. Logistics is a sector that is poised for transformation and GoBOLT has demonstrated that by leveraging technology they are able to integrate and up-skill small fleet operators to deliver high levels of vehicles utilization, enable drivers to return home at regular and pre-defined frequency and provide consistent and superior service to the customer. We believe that the interplay between technology and logistics through GoBOLT has the potential to create significant scale and impact.”
Commenting on this investment, Sidhant Dua, Global Chief Financial Officer, BHIP Singapore Consulting Pte. Limited (BHIP), an existing investor in the Company, said, “We are delighted with the numerous accomplishments of the team at GoBOLT over the last three years. They have proved that with the right application of data analytics and technology, even a traditionally unorganized sector such as logistics can be truly disrupted to provide the most economical and efficient services to consumers, in addition to improving the quality of lives of the fleet operators and drivers. We continue to remain invested in GoBOLT and welcome Aavishkaar as a partner in the continued growth of GoBOLT and be a part of the exponential phase of transformation of the logistics sector at large.”
Aavishkaar, a part of the Aavishkaar-Intellecap group, is one of the global pioneers in impact investing, taking an entrepreneurship based approach to development. Aavishkaar has gone on to make more than 58 investments, across sectors and geographies and has raised six funds, delivering commercial returns with close to $300 million assets under management.
Aavishkaar's unique approach has resulted in its invested enterprises impacting over 70 million lives and creating over 250,000 jobs and livelihoods. Aavishkaar started its journey in India and invests across South Asia and South-East Asia. Aavishkaar is launching its 7th fund in Africa.
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