Moovo secures funds from YouWeCan Ventures


Moovo - Funding - Main Feature 1Moovo secures funding from YouWeCan Ventures. OrbitNote Technologies P Ltd owns and operates Moovo, an online aggregator of Mini Trucks. The early stage venture capitalists YouWeCan Ventures have funded an undisclosed amount in the startup.

The company is technology based booking platform for mini trucks. They are online aggregator of mini-trucks. New Delhi based company has simplified the logistics services in the capital. Moovo offers services to an individual or to businesses such as SME’s moving their raw materials and finished goods.

Moovo provides on demand logistics requirements. The company has dedicated call center to address the requirements, apart from online booking through their app or website. Moovo claims they are processing on an average 1,000 order per month. Most of the clients are small businesses and online retailers.

Moovo - Funding - Main Feature 2The company was founded in 2014 by Anjani Kumar and Abhishek Anand. Anjani has graduated in dual degree from Indian Institute of Technology, Kharagpur in 2014. He handled several jobs like intern, analyst, and recruiter with companies like RangDe, ITEN Corporation, Angel Broking. He co founded Ednect Services in 2010. He conducted workshops and seminars of financial and technical topics in more than 15 cities across the country. He worked for 2.3 years till 2012.

Abhishek Anand is co founder of the Moovo. He has graduated in Bachelor of Technology in Electrical Engineering from Indian Institute of Technology, Banaras Hindu University in 2012. He has founded several startups like Meadows Energy, OrbitNote and Moovo after his graduation.

The company received undisclosed amount as seed funding from YouWeCan Ventures – Cricketer Yuvaraj Singh personal venture, Ex Vice President of PayTM Pratyush Prasanna, Bijay Sahoo – President – Human Resources, Reliance Jio, and Vikram Chachra of Eight Innovate along with few other investors. According to Pratyush Prasanna – Ex Vice President of PayTM says “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.”

Moovo - Funding - Main Feature 3Moovo plans to expand in several cities in India; however the company has to compete with other services like Blowhorn and TheKarrier, currently operating in Bengaluru. The Porter is operating in Mumbai. The segment is witnessing lot of funding and acquisition too. The Porter secured funds from Kae Capital to spread their offering in Delhi and Bengaluru. TheKarrier received funding from angel investors.

Transportation sector is highly fragmented in India and it’s estimated to $6 Billion annually. Out of this only 3 to 5% is organised and rest all fall under unorganised sector. There seems to huge mismatch between supply and demand in terms of small players consisting of single drivers cum owners.