Truckmandi, a startup which is helping businesses find truck transport providers for delivering goods has announced a pre-Series A fundraise under $2 million. The company raised this round between July-September in 2015.
The round saw participation from individuals such as Ritesh Dwivedy (JustEat Founder), Ramakant Sharma (Livspace Founder), Mount Nathan Advisors (Singapore-based) and others as told by the company to VCCircle.
The company was started in October 2014 by Ankit Singh (CEO, Ex-Snapdeal), Anurag Jain (COO, ex-Snapdeal) along with Nishant Jaden (CTO, ex-TCS) and has its office in Saket in Delhi.
Truckmandi currently has 800+ clients, 1200+ transporters & 5000+ trucks as per its website and offers real time tracking through SMS, email, web dashboards & mobile. The startup is also trying to use data insights to reduce idle truck time & empty returns. It offers real time bidding to transport providers to select best price for clients through its algorithm.
The Indian startup ecosystem is witnessing a rise of startups mixing technology and truck transport sector to organize this vast untapped market. Recently in the same vertical, Gurgaon-based Rivigo raised $30 million in Series B funding led by SAIF Partners and Bangalore-based Blackbuck raised $25M led by Tiger Global.
As per Truckmandi founder the transport sector accounts for 13% of India’s GDP and the market size is roughly around $130 billion out of which $92 billion amounts to the domestic market. The founder believes the challenges in the unorganized sectors are at par with the opportunity which includes poor technology adoption among businesses and the narrow mindset for kickbacks and favours among corporate representatives.
The company is currently operating in Delhi, Ludhiana and Haridwar, with plans to expand to 15 more cities in near future.