The startup TruckSuvidha will be using the newly-raised financials to invest in technology backend and also invest towards entering more cities as part for the company’s expansion plans.
Ishu Bansal, co-founder at TruckSuvidha, said that the company has raised an undisclosed seed round from Maharatna Gas Authority of India Limited (GAIL).
As per its website, customers can post and search for loads and trucks on the website and at the same time can track and receive requests for the same. The service can be utilised by transporters, truck drivers, packer and movers and even people who are looking for intercity or interstate shifting of their household goods.
The company TruckSuvidha claims that it has over 332K trucks online with over 1500 daily visitors. It claims to have more than 34K registered transporters, with over 1550 bookings each day.
It provides them bookings through their contractual bookings, which can help them save up to 5-15% in their costs.
Furthermore, as per the reports, the Indian trucking industry is currently valued at $130 billion and there are approximately 5.6 million on road vehicles transporting 80 per cent of the country’s freight.
The report continued and said that the segment has been fragmented for the longest time, even though in the last few years, several tech startups have identified the need for disruption in the sector.
In the context of the funding amount, the recorded growth rate between 2014 and 2018 for startups in the logistics sector is 226%, it added.