Bangalore-based Blowhorn, a tech startup that deals with intra city logistics, has announced raising of fresh capital from new and existing articles.
The current round saw participation from existing investors Chiratae Ventures and Dell Foundation as well as new investors that include Venture Catalysts, James Lee Sorenson and Japanese VC firm, Dream Incubator. The funding round was led by a “prominent undisclosed investor”.
Blowhorn provides a full-stack service offering through an asset-light model via its tech platform that connects logistics service seekers with mini-truck drivers through the website and mobile app. The logistics startup claims to have grown its revenues over 500% since its previous Series A funding round while enhancing its industry-leading margin. The company has expanded its presence to over 30 cities and now has over 25,000 driver partners on its platform.
Blowhorn’s CEO Mithun Srivatsa said, “We closed our fundraise to optimise speed and momentum to keep building a category-defining company. Now, with a strong core team in place, we are expanding rapidly and are seeing significant growth in our recently launched verticals. Our goal is to be active across more than 100 cities across India by 2021, and we are on track to achieving that.”
The company is further looking to expand beyond India, with its first international foray happening pretty soon. Srivatsva said, “We are also in the final stages of executing our first international foray, and we are very excited about it. Our margin profile remains healthy and has grown 30% over the last quarter.”
The capital raise however, will continue. The company is looking to raise a much “larger” round, which could perhaps translate into a Series A. “We are in active conversations with several parties interested in leading a larger round that we anticipate will close within the next 6 to 9 months. We believe that we have built a solid foundation and that we are still in the 1st innings of the intra-city logistics game”, adds Mithun.