Chennai: Digital freight brokerage platform Lob said it has raised $1.1 million in a funding round led by Inflow Technologies’ group managing director Byju Pillai and angel investor Gopal Kaul.
The round saw participation from 3one4 Capital and other investors including Srinath Ramakrishnan (Jetworks & OffBusiness), Mohit Mittal (Southern Cargo Carriers), MD Ramaswamy (Former MD, Dell India) and Vishad Gupta (Fidelity Information Services, India).
The company said the new capital will be primarily used to grow the business and expand the lob’s network to new geographies in India. It is also looking to acquire more customers – ie adding more trucks and transporters – to the platform, while strengthening its technology to automate tasks, grow its team to increase fulfillment ratios.
Currently, the lob is working with over 500 logistics companies in 12 cities across India such as Bengaluru, Chennai, Mumbai and Pune. It plans to expand to another 20 cities to reach across India within the next eight months.
“We realized the time had come for innovation and disruption in the space by harnessing technology,” Venu Kondoor, CEO and cofounder of Lob, said in a statement. “Through Lob’s technology platform, we are able to work with over 2,000 truck drivers across the country to make transportation simpler and more efficient. The funds raised will help us achieve the next level of growth And many truck drivers and logistics companies will be empowered.”
Kondoor said that within a span of eight months, the company has seen 300% revenue growth and a 500% increase in the number of truck drivers on its platform. As part of its next phase of development, the lob aims to increase the usage of trucks from the current 13-15 days of the month to an optimum 21-25 days.
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