Logistics platform GoBolt raises $20 mn from new, existing investors

Camions Logistics Solutions, a Delhi based company that runs technology driven package delivery service under the brand GoBolt, has raised $20 million (Rs 148 crore) as part of a Series B funding round led by new investor Paragon Partners and existing investor Aavishkaar. 

The transaction also involves a small secondary component and debt funding from private banks, the company said in a statement on Monday.

The company will use the Series B capital to boost its presence across industries, geographies, business segments and strengthen its technology platform.  

The startup was founded in October 2015 by Parag Aggarwal, Sumit Sharma and Naitik Baghla, all alumni of SP Jain Institute of Management and Research. It provides line haul express solutions to ecommerce and non-ecommerce industries. GoBolt is currently expanding its offerings into SaaS based solutions and E2E logistics solutions. 

Parag Aggarwal, CEO and cofounder, GoBolt, noted the Indian subcontinent is grappling with inefficiencies in the supply chain with logistics cost estimated to be around 14% of GDP, substantially higher than the 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," he added. 

Prior to this funding, the startup had raised Rs 40 crore ($5.5 million) in a Series A round from Aavishkaar in October 2018. In 2017, GoBolt raised an undisclosed amount of debt from non-banking financial company BlackSoil Capital. It raised around Rs 5 crore ($741,632) in a pre-Series A round from BHIP Singapore Consulting Pte Ltd in 2016. 

Sumeet Nindrajog, co-founder and senior partner, Paragon Partners, said that this is the private equity firm's first investment in the logistics sector across the two funds. 

Launched in 2015, Paragon Partners focuses on sectors such as consumer discretionary, financial services, infrastructure services, manufacturing and industrials, and healthcare services.