Logistics startup GoBolt has announced that it has raised $20 million in Series B funding round led by Paragon Partners and Aavishkaar Capital.
Co-founder and Senior Partner from Paragon Partners – Sumeet Nindrajog, who will be joining GoBOLT’s Board of Directors, said, “GoBOLT is Paragon’s first investment in the logistics sector across the two funds and is in line with our investment strategy of partnering with high-calibre entrepreneurs with compelling business models and assisting them in scaling up operations. With the introduction of GST and increasing modernisation of the highway network, the industry is experiencing a structural shift with strong tailwinds.”
Sumeet further said, “Furthermore, COVID-19 has provided a fillip to the ecommerce industry and agile tech-led profitable players such as GoBOLT stand well placed to cater to the strong industry growth.We are excited to invest in a scaled and profitable tech-enabled platform led by a young, dynamic team of three founders who bring in complementary skill sets, experience and a collaborative decision-making approach.”
Parag Aggarwal, CEO and Cofounder of GoBOLT, commented, “We are excited to on-board Paragon Partners as investors and would like to thank Aavishkaar Capital for their continued support. Indian subcontinent is grappling with inefficiencies in the supply chain with logistics cost estimated to be around 14 percent of GDP, substantially higher than US and Europe. Whilst our offering of express E2E logistics and SaaS based technology solutions are transformational, we will continue to invest in technology and leverage Artificial Intelligence and Machine Learning tools to drive further efficiencies across the industry.”
Ajay Maniar, Partner at Aavishkaar Capital, added, “The GoBOLT leadership has been exceptional in their execution, with a laser sharp focus on profitable growth. We believe the future opportunity in Indian tech-led logistics space is extremely exciting and the GOBOLT team is well placed to capture this opportunity. With this fundraise GoBOLT is well positioned to continue its rapid growth trajectory whilst delivering significant impact to the larger logistics ecosystem of customers, vendor partners and drivers.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.