Latest News | Trucking Marketplace Raaho Raises Rs 17.8 Cr

Mumbai, Dec 8 (PTI) On-Demand intercity trucking marketplace Raaho has raised a total of Rs 17.8 crore from a set of investors and plans to to utilize the funds to expand its presence pan-India and make the product 100 per cent on-demand, the company said on Wednesday.

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Raaho raised Rs 5.3 crore in seed fund round and another Rs 12.5 crore in Pre-Series A round, a statement said.

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The fresh capital has been pumped in by both the existing and new investors with the round-led by investors IPV, a first time investor in Raaho, and Nitish Mittersain (Founder - Nazara), it said.

The pre-series A funding also saw the participation from existing investors Roots Ventures, Venkatesh Vijayraghavan (Group CEO, Board Member, Cavinkare) , Miten Sampat from CRED, among others, the platform said.

Set up in 2017 to streamline the opaque and tedious processes of a fragmented trucking industry, which is primarily dominated by brokers, Raaho connects third-party logistics agencies to fleet owners powered by its real-time /technology intensive matchmaking algorithm, according to the release.

The USD 100-billion domestic trucking is largely unorganized, offline and is plagued with massive deadhead and wastage, Raaho said. It's estimated that 25 per cent of total travel by a truck is empty which leads to huge loss for the trucker, loss for the economy and also a huge environmental challenge, as per the release.

The Gurgaon-based company has presence across the NCR region, Chennai, Bangalore, Coimbatore, Hyderabad and Pune.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)