Logistic service provider, Truckmandi has raised about $2 Million in Pre Series A round of funding from a group of investors. The startup provides truck service to the businesses for delivering their goods. The startup has raised this round of funding between July and September this year. Ritesh Dwivedy, the founder of JustEat, Livspace founder Ramakant Sharma, Singapore based Mount Nathan Advisors and others have invested in this round of funding.
TruckMandi was founded by former Snapdeal employees, Ankit Singh and Anurag Jain along with Nishant Jaden, former CTO at TCS in 2014. The company has its office in Saket in Delhi. Currently, the company has more than 800 clients with over 1,200 transporters and more than 5,000 trucks. The company also provides real time tracking option via SMS, email, web dashboards and mobile.
The startup is also looking to use data insights to optimize idle truck time and empty returns. The company uses an algorithm to provide real time bidding to transporters to select best price clients. Currently, the logistic sector in India is seeing a big rise in startups that combine technology with the truck transportation systems. Various startups in this sector are getting funds from array of investors. Recently, logistic service provider,Rivigo got $30 Million in Series B round led by SAIF Partners. Bangalore based startup Blackbuck had also raised $25 Million from Tiger Global and other investors.