Lobb, a digital freight brokerage, has raised $1.1 million in investment
- ByStartupStory | March 8, 2022
Lobb, a digital freight brokerage platform, has raised $1.1 million in a fundraising round led by Inflow Technologies’ group managing director Byju Pillai and angel investor Gopal Kaul.
3one4 Capital, as well as other investors such as Srinath Ramakkrushnan (Zetwerk & Of Business), Mohit Mittal (Southern Cargo Carriers), M D Ramaswami (former MD, Dell India), and Vishad Gupta, participated in the round (Fidelity Information Services, India).
The new funds will be utilized to scale the business and expand Lobb’s network across newer geographies in India, according to the company. It also wants to improve its technology to automate activities, expand its personnel across departments to raise fulfilment ratios, and add new customers to the platform, such as truckers and transporters.
Lobb works with approximately 500 logistics businesses in 12 cities across India, including Bengaluru, Chennai, Mumbai, and Pune. Within the following eight months, it wants to expand to another 20 cities, giving it a pan-India presence.
Kondur claims that in just eight months, the company has seen a 300 per cent increase in revenue and a 500 per cent increase in the number of truckers using its platform. Lobb plans to increase truck utilization from the current 13-15 days per month to the optimal 21-25 days as part of its next stage of growth.
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