Startup Transport Services Marketplace Vahak on June 21 said that he had collected USD 14 million (almost RS 110 Crore) in a funding round led by Nexus Venture Partners. Other investors such as Fundamental, Isseed Ventures, Leo Capital, RTP Global and Titan Capital also took part in the series A series, said Vahak in a statement.
The company has now collected a total of USD 20.3 million (almost 160 Crore) since the first round of funding in March 2020, he added. The funds will be used for fast user base expansion, building technological infrastructure by combining artificial intelligence, machine learning, large data, and providing additional added value services, the company said.
“We are now ready for our technology and operation scale to capture 10 Indian logistics markets and switch from 1.5 million users to 10 million users in the next year. We plan to develop quickly, allowing millions of Indian transporters and business with technology forces , “said the CEO and founder of Vahak Karan Shaha.
Vahak has integrated its platform with Escrow payments and plans to bring services such as insurance, GPS, purchases of spare parts immediately, he added.
States that technology adoption increases rapidly in the Indian logistics industry and the need for logistics services that are driven digitally even more in India post-medium, said Shaha, “through our platform, we allow truck drivers to operate for 25-26 days a month, compared to A little 12-15 days they will operate the opposite. “
Despite posting good growth, the Indian logistics market continues to face certain challenges due to lack of technological integration. Platforms such as Vahak now carry digital transformation from this sector by providing features and services driven by technology to help millions of truck and sender drivers in the country, “said Implementing Director Nexus Venture Mitra Sameer Brij Verma.
Because India aims to pass the economic sign of USD 5 trillion, and build a joint wealth for all citizens, it is very important that the initiative driven by the technology receives adequate support from all quarters, added Verma.
Vahak said that so far it has attracted more than 1.5 million sender and transporter to use a platform and order from more than 6 lakh trucks for their transportation needs.