Yebhi co-founder Manmohan Agarwal has finally announced the name of his new startup — Truxapp, which is a logistics app startup. The startup has been in stealth mode for two years and has managed to become a well-established name within the Indian Tech-Logistics industry.
The company has also raised Rs 19.7 crore ($3.1 million) in its Pre-Series A funding round from angel investors. The investors include prominent names like the Dhoot Family of Videocon Group; Sandeep Sharma – former M.D, MENA of a Global Bank; V. C. Bothra & Family – Owners of a shipping company in Singapore; Mandhian Family; Family of Ganpat Singhvi – Group Advisor & Director of a UAE-based conglomerate.
Along with them, an unnamed director of a Middle East Sovereign Wealth Fund; Tarun Khandelwal – MD of Add-Advisory Partners; and the Global Head of structured products for one of the largest Global Banks have also contributed in the angel round.
Tarun Khandelwal, who invested in the company’s current round, said,
Achieving break-even, with just $3.1 Mn 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.
Commenting on Truxapp, founder & CEO, Manmohan Agarwal said,
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.
Truxapp, launched in 2015, is a mobile app-based logistic service which connects truck owners to businesses. It claims to provide a wide range of logistic services at market spot prices.
It is a tech-based logistic company that provides Intra-city (last-mile and short-haul) and Inter-city (long-haul) road-freight logistics services. The company claims to have completed about 1 million trips across all industry verticals.