More money coming in for the on-demand logistics segment. Holisol Logistics, a New Delhi-based startup has today closed a fresh funding round of $10 million, which was led by private equity firm CLSA Capital Partners. With this newly raised funding, the company will now set up more fulfillment centers.
Along with setting up new fulfillment center, it will also spend money to expand its last-mile delivery network and expand its portfolio of supply chain optimization solutions.
While the company has not officially revealed the valuation after the funding round, some of the reports suggests that the company is valued at around Rs. 400-500 crore.
The company was founded around six years ago, in 2009, by Rahul Dogar, Naveen Rawat and Manish Ahuja. Currently, the company is managing 6,00,000 sq ft of warehousing space across 14 locations. It provides back-end logistics to e-commerce players like Jabong, fabfurnish, freecultr, among others.
Earlier, the company had raised around Rs. 10 crore in a funding deal from Sundeep Bhandari, Director and Chief Executive of a software development and data processing company Datavision. It continues to hold significant equity stake in Holisol, even after the current round of capital infusion.
The logistics sector for the eCommerce retailing in India was valued at $0.2 billion in 2014 and is projected to witness a CAGR of around 48% in the upcoming five years to reach $2.2 billion by 2020.
Commenting on this funding development, Rahul Dogar, Director at Holisol, said,
CLSA is an esteemed fund and we are glad to have them as a shareholder. Previous round of investment by Datavision helped us in successfully implementing our solutions and this round of capital infusion would help us in accelerating our growth.
Datavision’s Director and an investor in this startup – Sundeep Bhandari, said,
CLSA’s investment in Holisol validates Datavision’s belief on Holisol’s business potential and the capabilities of its highly motivated management team. Holisol’s end to end logistics solutions will be the differentiator, and has the potential to make it a market leader in the business.