LOBB Raises $1.1 Million In Pre-Series A
The funds will be utilized to scale business and expand LOBB's network across newer geographies in India
LOBB, a Bengaluru-based technology startup, on Wednesday raised $1.1 million in pre-Series A round led by Byju Pillai, group managing director, Inflow Technologies.
The round also saw participation from angel investor Gopal Kaul, 3one4 Capital, Srinath Ramakkrushnan from Zetwerk and Ofbusiness, Mohit Mittal from Southern Cargo Carriers, M D Ramaswami, former MD of Dell India and Vishad Gupta from Fidelity Information Services.
The funds raised will be primarily used to scale the business and expand LOBB's network across newer geographies in India. The company is also looking to strengthen its technology to automate tasks, grow its team across functions to increase fulfillment ratio, as well as acquire more customers. Currently, LOBB is operational in 12 cities across India such as Bengaluru, Chennai, Mumbai and Pune working with 500-plus logistics companies. It plans to expand to another 20 cities to have a pan India reach within the next eight months, said a statement.
"From our past experience with the road transport logistics, we realized that the time was ripe for innovation and disruption of the space using technology. Through LOBB's tech platform, we have been able to work with 2,000-plus truckers and 500-plus logistics companies across the country to simplify and make transportation more efficient. The funds raised will help us achieve the next-level of growth and empower many more truckers and logistics companies," said Venu Kondur, CEO and co-founder of LOBB.
"We truly believe in the LOBB digital platform and the business model. Our investment will help the company scale its business and address the inefficiencies in the transportation industry with a focus on data and better working capital management," said Byju Pillai, group managing director of Inflow Technologies.
Founded in 2015 by Jayaram Raju and Venu Kondur, LOBB was started with a mission to digitally disrupt the $100 billion worth Indian logistics sector. The company's end-to-end digital freight brokerage platform connects transporters with truckers in a seamless way to ensure a national-level supply demand match, considering the complex nuances of the trade, added the statement.