The open road transport marketplace Vahak has raised $14 million in a Series A funding round. This startup is Bengaluru-based that has raised funding from Nexus Venture Partners, Fundamental, iSeed Ventures, Leo Capital, RTP Global, and Titan Capital.
Prior to this, the company has raised a total of $20.3 million in March 2020.
Vahak is planning to utilize the fresh funding capital in the following ways:
- For rapid user-base expansion,
- Building a stellar tech infrastructure by incorporating AI, ML, big data, and
- Facilitating additional value-added services.
The startup has promised to create an all-encompassing ecosystem for truck suppliers and become the go-to digital solution for them.
Vahak was founded by Karan Shaha and Vikas Chandrawat in the year 2019. Vahak is a free-to-use platform, open marketplace for shippers and transports SMEs to discover and connect with truckers to enable them with their transportation needs.
Vahak has promised that it has been quietly disrupting the antiquated logistics approach in India and helping truck suppliers. Vahak is helping truck drivers in earning more than twice what they usually earn, by increasing truck utilization in some main regions of the country.
The brand has collaborated with MediBuddy to facilitate around 6 lakh truck drivers with free online doctor consultations. The startup has a wide range of VAS (value-added services) like fuel cards, insurance, GPS, truck tyres and spare parts, and more.
EXECUTIVE OPINION:
Karan Shah, CEO, and Co-founder of Vahak said, “Tech adoption is increasing rapidly in the Indian logistics industry and digitally-driven logistics services are the need of the hour in the current post-pandemic India. Through our platform, we are enabling truck drivers to operate for 25-26 days a month, as compared to the meager 12-15 days they would operate otherwise. We are now all set to scale our technology and operations to capture 10 percent of the Indian logistics market and go from 1.5 million users to 10 million users in the next one year.”
“We plan on expanding rapidly, enabling millions of Indian transporters and businesses with the power of technology. We have already integrated our platform with escrow payments and plan on bringing in services like insurance, GPS, spare part purchase, etc very soon,” added Karan.
Sameer Brij Verma, Managing Director, Nexus Venture Partners, mentioned, “Despite posting good growth, the Indian logistics market continues to face certain challenges due to the lack of technology integration. Platforms like Vahak are now bringing about the digital transformation of this sector by providing tech-driven features and services to aid millions of truck drivers and shippers in the country.”
