Funding Alert

In an extended pre-series A funding round, Raaho’s trucking marketplace raises Rs 20 crore

• ByStartupStory     |    March 13, 2023

At a valuation of four times higher than the previous year, Raaho, an on-demand marketplace for intercity trucking, has raised Rs 20 crore in an extension of its pre-series A funding round.

Roots Ventures, Blume Founders Fund, Inflection Point Ventures (IPV), along with notable angel investors such as Kunal Shah, Vijay Shekhar Sharma, Venkatesh Vijayaraghavan, K Krishna Kumar, and Aseem Khurana, among others, led the round.

Having raised Rs 37 crore in funding, Raaho has now secured additional funding through its current round. In December 2021, the startup had already raised Rs 12.5 crore in a pre-Series A funding round led by IPV and Nitish Mittersain (Founder, Nazara), with participation from existing investors such as Roots Ventures, Venkatesh Vijayraghavan (Group CEO, Board Member, Cavinkare), and Miten Sampat from CRED, among others.

As per the company’s statement, the newly infused capital will be utilised to expand Raaho’s footprint throughout the country and enhance its data science and machine learning capabilities to automate freight matching.

Imthiaz, along with his colleagues Muralidharan C, Vipul Sharma, Abu Fahad, and Joshua Jebakumar founded Raaho in 2017. The startup leverages technology and real-time data to ensure the tracking and timely delivery of freight, enabling operational and cost efficiencies in the opaque logistics sector.

Operating in more than 15 cities in India, including major cities such as Chennai, Bengaluru, Mumbai, and Hyderabad, Raaho is headquartered in Gurugram. The startup intends to use the newly acquired funds to expand its network and enhance trucking efficiency to reduce empty miles.

According to Imthiaz, the CEO and Co-founder of Raaho, “the company is thrilled to carry on its mission of improving the lives of truckers and drivers in India. With the newly raised funds, the startup plans to expand its operations to additional regions in India and strengthen its data science and machine learning capabilities to improve its freight matching efficiency”.

Vinay Bansal, the CEO and Founder of IPV, expressed his excitement “to continue investing in Raaho due to the significant growth potential in the untapped market of digitised trucking. He also praised Raaho’s team for their exceptional dedication in establishing a sustainable business model with robust fundamentals, and IPV is thrilled to be a part of the startup’s journey towards success”.

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