Yebhi.com Founder Manmohan Agarwal Comes Out of Stealth Mode, Unveils Truxapp
Truxapp provides a wide range of logistic services at the most competitive, market spot prices. Manmohan and his team have been successful in expanding the company’s operation pan-India, with an extensive reach of more than 150 cities across 21 states.
Manmohan Agarwal, the seasoned Entrepreneur, who introduced India to the world of fashion e-commerce with his brainchild Yebhi.com, now unveils his second venture, Truxapp. In a short span of two years, the company has become a well-established name within the Indian Tech-Logistics industry.
Truxapp is a mobile app based logistic service, which connects Truck owners to Businesses. Truxapp provides a wide range of logistic services at the most competitive, market spot prices. Manmohan and his team have been successful in expanding the company’s operation pan-India, with an extensive reach of more than 150 cities across 21 states. The company also reached its operational break-even point in 2016, and maintains a healthy cash-flow.
Launched in 2015, Truxapp is the only tech-based logistic company in India that provides both Intra-city (last-mile and short-haul) and Inter-city (long-haul) road-freight logistics services to its clients. It has completed close to one million trips across all industry verticals with remarkable efficiency. Truxapp enables their Client’s to engage a single logistics company to manage all of their road-freight requirements, for any distance, anywhere, anytime.
Commenting on the journey towards building Truxapp, Founder & CEO, Manmohan Agarwal said, “As an entrepreneur, there are invaluable learnings that came from my first venture, which I have been able to apply in Truxapp. The very idea of creating a single source for logistics services across the country came after experiencing the extremely fragmented logistics market during my Yebhi.com days. Since then, it has been a great journey of learning and hard work to create a platform like Truxapp. Today, we have been successful in creating a tech platform which is solving logistics problems for companies across India.”
Advised by Add Advisory Partners of UAE, the company has raised $3.1 million in pre-series A funding from highly sophisticated angel investors including:
- The Dhoot Family of Videocon Group.
- Sandeep Sharma - Former M.D, MENA of a large Global Bank.
- V. C. Bothra & Family - Owners of a large shipping company in Singapore.
- Mandhian Family - Investing mainly in Real Estate, Capital Markets & Tech start-ups.
- Family of Ganpat Singhvi - Group Advisor & Director of a UAE based conglomerate.
- The Global Head of structured products for one of the largest Global Banks.
- Director of a Middle East Sovereign Wealth Fund.
- Ajay Bhatia- Owner of a large real estate group based in the UAE, early stage tech focused investor.
- Tarun Khandelwal – MD of Add-Advisory Partners
Manmohan along with his co-founders, Dhruv Khandelwal, Sharad Pratap Singh and Naseer Ahmed, and their exceptional team, have been able to expand exponentially with a network of more than 226,000 trucks, ranging from 1 tonners to 40 tonners and Trailers registered on its platform which services over 180 large corporate clients, including many well-known blue-chip companies. “In India, one has to be flexible to succeed, and our business model follows this principle. We firmly believe that through continuous improvement of our technology and processes, we will remain competitive and be able to continue growing at our current, rapid pace. Our company has grown from a handful of people at, inception to over 200 strong.” added Manmohan.
Mr. Ganpat Singhvi, whose family is an early backer of Truxapp commented: “Under Manmohan’s expert leadership, we are very encouraged by the journey of the company thus far, and excited by the rapid expansion of its services across India”.
“Achieving break-even, with just US $3.1 million raised so far, and with a presence in 150 cities and 226,000 trucks on their platform, clearly demonstrates the quality of the management team led by Manmohan Agarwal”, added Tarun Khandelwal.
Notably, the size of the logistic market in India is approximately US$300 billion, contributing around 13% – 14% of India’s GDP. The road-freight portion of this logistics market in India is currently worth an estimated US$147 billion per annum. It is growing at a CAGR of around 15%. GST will add to the momentum of this industry through cost reductions in the end price of road-freight, via the consolidation of multiple state and federal taxes into one single rate.
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