News Startups

Logistics Startup Moovo Ropes In Angel Round From YouWeCan Ventures And Others

Capture
Share on Facebook
Tweet about this on TwitterShare on Google+Share on StumbleUponShare on LinkedInPin on PinterestShare on Reddit

‘Button Dabao, Truck Bulao!’(Press a button, call a truck) — With this motto in mind, IIT alumnus Abhishek Anand and Anjani Kumar set out to make things easier for people wishing to move stuff from one place to another. Just a few years later, what had begun as an attempt by Kumar to supplement his pocket-money is now attracting seed money from major players.

Enter Moovo, India’s very own On-Demand logistics booking platform that lets you book a truck through a mobile app, via the company’s website or over call and have the requested vehicle at your door within half and hour. The company seeks to connect mini-truck drivers with consumers and tap into the transportation business in India which is estimated to posses a per annum value of around $6 billion.

The company — which took its operations to the public in December 2014 — now operates in the Delhi-NCR region with plans to reach out to 6 other cities by the end of 2015 and is working to bring a bit of order to the chaos that is the transportation business in India.

According to Anjani Kumar, Co-founder, Moovo

I came up with the idea of buying a truck to run a side business and make extra some pocket-money. I learnt first-hand that market power in the logistics business comes from size and reach.

As soon as Kumar realized that the extreme fragmentation of the logistics business was not only keeping customers from getting access to efficient service but was also the cause of drivers not getting even part of their capacity to work, he set out to connect both of them together using technology.

Moovo claims to be processing over 1000 orders a month, and hence has been attracting investor attention of late. From former PayTm VP Pratyush Prasanna to President of HR Reliance Jio Bijay Sahoo and from Vikram Chachra of Eight Innovate to cricketer Yuvraj Singh’s YouWeCan Ventures — every one seems pretty intrigued by what the startup is all about and are eager to invest.

Speaking on the topic, Pratyush Prasanna said

Moovo is in a great space which is seeing a lot of disruptions. The founding team also are IIT juniors and I found them very impressive with their drive and attention to detail.

However, Moovo can expect some hard competition from other, similar services in the near future since it isn’t the only startup that’s been attracting backers.

Others, such as Bombay based Porter — who raised INR 3 crores from Kae Capital — and Bangalore-based TheKarrier — which received about 1.5 crores from Sol Primero, Outbox Ventures and others — are also seeking to use their new found wealth to expand operations into other cities including Delhi — a move that will definitely them into conflict with Moovo and each other.


 

A bibliophile and a business enthusiast.

[email protected]


Add Comment

Click here to post a comment

Your email address will not be published. Required fields are marked *