Bengaluru-based intra-city logistics platform Blowhorn has recently raised an undisclosed amount of venture debt funding from Gurugram-based Trifecta Capital. Blowhorn is promoted by Catbus Infolabs Pvt. Ltd, which operates the asset-light logistics marketplace.
The company plans to use these funds for achieving full P&L profitability by the end of the year 2020. The startup said the funding is a testimony to its continued focus on innovation, capital efficiency, and best-in-class customer experience.
Blowhorn was founded in 2014 by Mithun Srivatsa and Nikhil Shivaprasad after getting inspiration from ride-hailing giants Ola and Uber. The firm says it aims to build a leading intra-city logistics-technology company that functions as a full-stack marketplace for the sector.
Prior to this funding round,the company had raised $8.8 million from Chiratae Ventures, Michael and Susan Dell Foundation, Draper Associates, and Unitus Ventures amongst others across five funding rounds.
Commenting on the investment, Rahul Khanna, Managing Partner – Trifecta Capital said, “Blowhorn is building a fast-growing business in a space that is seeing even greater interest in times of COVID19. Given its focus on intra-city logistics and depth of fulfilment capabilities, the company is able to support a wide spectrum of customers in these challenging times.”
He further added, “Having tracked this space for some time, we believe that Blowhorn’s technology leadership combined with a capital-efficient model will enable it to scale into a profitable, highly defensible national player in full-stack logistics.”
The company says it currently operates across many major Indian cities and that its platform has on boarded over 40,000 drivers. It also provides fulfillment services and application programming interface (API)-integrated delivery services.
Talking about the recent fund infusion, Mithun Srivatsa, CEO of Blowhorn, said, “We are thrilled to have Trifecta Capital invest in Blowhorn. Trifecta Capital is an extremely selective capital allocator.”
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