Mumbai-based logistics startup GoBOLT which provides enterprise logistics solutions to companies by harnessing data analytics and Internet of Things has raised INR 40 crores from Aavishkaar Venture Management Services. The startup will use the fund to expand its operations and presence across the country, increase fleet and improve technology.
“We are excited about working with the team at GoBOLT, who have demonstrated an unyielding focus on improving operational efficiencies through their technology platform. Logistics is a sector that is poised for transformation and GoBOLT has demonstrated that by leveraging technology. We believe that the interplay between technology and logistics through GoBOLT has the potential to create significant scale and impact,” Ajay Maniar, Partner, Aavishkaar Venture Management Services, said in a press release.
Founded by Parag Aggarwal, Naitik Banghla and Sumit Sharma with a vision to transform the logistics sector through technology-enabled operational excellence and intelligence. The founding team is extremely excited to partner with Aavishkaar as the investor shares the vision of driving transformation by creating value for all stakeholders.
GoBOLT has currently achieved INR 1.18 crores in revenue in the very first year of operations. However, the startup claims to achieve a 10 folds growth in revenues last fiscal. With competitors like BlackBuck, Delhivery and Ecom Express, GoBOLT founders claim that they are different from all others as they leverage the marketplace format for e-commerce deliveries.
As per the Economic Survey 2017-18, the Indian logistics sector provides livelihood to 22 million-plus people and improving the sector would facilitate a 10% decrease in indirect logistics cost, leading to a growth of 5-8% in exports. Further, the Survey estimates that the worth of the Indian logistics market would be around US$ 215 billion in the next two years compared to about US$ 160 billion currently. The boom in the next couple of years is expected largely due to the implementation of Goods and Service Tax (GST).