Gurgaon Based GoBolt Raises Funding $20M, Series B Led By Paragon Partners And Aavishkaar Capital
- ByStartupStory | June 28, 2021
Gurgaon based GoBolt raises funding $20 million in Series B round from Paragon Partners Growth Fund II (“Paragon Partners”) and existing investor Aavishkaar Capital. The round also saw participation of small secondary components as well as debt lines from private banks. Technology-led, logistics player focused on providing End-to-End (E2E) logistics solutions startup made an announcement on Monday.
Sumeet Nindrajog, Co-founder and Senior Partner, Paragon Partners, soon to be joining the Board of Directors said regarding GoBolt raises funding, “GoBOLT is Paragon’s first investment in the logistics sector across the two funds and is in line with our investment strategy of partnering with high-calibre entrepreneurs with compelling business models and assisting them in scaling up operations. With the introduction of GST and increasing modernisation of the highway network, the industry is experiencing a structural shift with strong tailwinds.”
“We are excited to on-board Paragon Partners as investors and would like to thank Aavishkaar Capital for their continued support. Indian subcontinent is grappling with inefficiencies in the supply chain with logistics cost estimated to be around 14 percent of GDP, substantially higher than US and Europe. 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,” said Parag Aggarwal, CEO and Cofounder, GoBOLT.
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