Logistics startup GoBolt banks $20Mn in Series B funding round

Logistics startup GoBolt banks $20Mn in Series B funding round

Mumbai-based end-to-end (E2E) logistics solutions provider, GoBolt has roped in $20 million in its Series B round, headed by Paragon Partners Growth Fund II along with its existing investor Aavishkaar Capital. The investment round included a significant subordinate component, as well as debt lines from private banks.

According to GoBolt, these funds will be used to expand its reach into new regions, develop new technologies, and push its sales activities. Meanwhile, Parag Aggarwal, Co-Founder and CEO, GoBolt, said that the company is looking to raise another $10 million as part of its extended Series B round and is in talks with other investors.

Founded in 2015 by Mr. Aggarwal, Sumit Sharma, and Naitik Baghla, GoBolt witnessed revenue increase to Rs 200 crore for the fiscal year ending March 31. In 2016, it raised $1 million from angel investors. While in 2018, the company raised $5million-$6 million from investors led by Aavishkar Bharat Fund as part of its Series A funding.

GoBolt’s current monthly revenue flow rate is roughly Rs 22 crore -Rs 25 crore, and they intend to double it in the next 12-18 months, said Aggarwal.

According to Sumeet Nindrajog, Cofounder and Senior Partner, Paragon Partners, implementation of GST and increased upgrading of the highway network has led the industry to undergo a structural transformation with substantial tailwinds.

Covid-19 has given the e-commerce business a boost, and agile tech-led money-making players like GoBolt are ideally positioned to take advantage of the industry's robust development.

The e-commerce business in India is estimated to grow at a compound annual growth rate (CAGR) of over 30% and, logistics companies like Shadowfax, Rivigo, Delhivery, GoBolt, Ecom Express, and Kale Logistics have seen tremendous growth during the outbreak. Over the last 12 months, risk investors have rushed to invest in these companies.

However, the Indian subcontinent is struggling with supply chain inadequacies, with logistics costs estimated to be approximately 14% of GDP, significantly higher than in the US and Europe.