GoBOLT Raises $20 Mn From Paragon Partners And Aavishkaar Capital
The company is also expanding its offerings into SaaS-based and E2E logistics solutions
Technology-led, new-age logistics player Camions Logistics Solutions Pvt. Ltd (GoBOLT), focusing on providing end-to-end (E2E) logistics solutions, on Monday announced the raise of $20 million towards its Series B round from Paragon Partners Growth Fund II (Paragon Partners) and existing investor Aavishkaar Capital. The round also includes small secondary components as well as debt lines from private banks.
Established in 2015, GoBOLT is a new-age logistics player focussed on transforming the Indian logistics industry into an express supply chain, enabled through the use of innovative technology solutions.
"GoBOLT is Paragon's first investment in the logistics sector across the two funds and is in line with our investment strategy of partnering with high-caliber entrepreneurs with compelling business models and assisting them in scaling up operations. With the introduction of GST and the increasing modernization of the highway network, the industry is experiencing a structural shift with strong tailwinds. Furthermore, COVID-19 has provided a fillip to the e-commerce industry and agile tech-led profitable players such as GoBOLT stand well placed to cater to the strong industry growth. We are excited to invest in a scaled and profitable tech-enabled platform led by a young, dynamic team of three founders who bring in complementary skill sets, experience, and a collaborative decision-making approach," said Sumeet Nindrajog, co-founder and senior partner, Paragon Partners.
GoBOLT provides line haul express solutions to the e-commerce and non-e-commerce industry and has achieved over sixfold revenue growth over the last three years. Driven by its capital-efficient asset-hybrid business model, strong execution capability, proprietary tech-stack enabling operational excellence, and ability to cater to diversified business segments, GoBOLT is one of the few tech-enabled logistics players to achieve rapid growth coupled with profitability early in its journey.
"We are excited to onboard Paragon Partners as investors and would like to thank Aavishkaar Capital for their continued support. The Indian subcontinent is grappling with inefficiencies in the supply chain with logistics costs estimated to be around 14 per cent of GDP, substantially higher than the US and Europe. Whilst our offering of express E2E logistics and SaaSbased technology solutions are transformational, we will continue to invest in technology and leverage artificial intelligence and machine learning tools to drive further efficiencies across the industry," commented Parag Aggarwal, chief executive officer, and co-founder, GoBOLT.
With India's e-commerce industry expected to grow at over 30 per cent CAGR, GoBOLT is well-positioned to benefit from industry tailwinds. Leveraging these capabilities, the Company is now expanding its offerings into SaaS-based solutions and E2E logistics solutions, helping its customers and partners to improve efficiencies, whilst aiding GoBOLT to expand its network coverage of lanes, transportation vendor partners and business segments it services.
"We are delighted to welcome Paragon Partners into the company. The GoBOLT leadership has been exceptional in their execution, with a laser-sharp focus on profitable growth. We believe the future opportunity in the Indian tech-led logistics space is extremely exciting and the GOBOLT team is well placed to capture this opportunity. With this fundraise GoBOLT is well positioned to continue its rapid growth trajectory whilst delivering significant impact to the larger logistics ecosystem of customers, vendor partners and drivers," added Ajay Maniar, partner, Aavishkaar Capital.
The transaction advisors included Haitong as the investment bankers, Alvarez and Marsal on commercial and financial diligence, PriceWaterHouseCoopers on ESG diligence while Shardul Amarch and Mangaldas, Khaitan & Company and Vertices Partners acted as legal advisors on the transaction.
Sumeet Nindrajog, co-founder and senior partner, Paragon Partners, will be joining the board of directors.
The current funding round will help GoBOLT in further scaling up its presence across industries, geographies, business segments and strengthening its technology platform.
This is the second funding announcement from Paragon Partners' second fund which comes shortly after the INR 110 crore funding round in TenderCuts, an omnichannel retailer of fresh meat and seafood which was announced in February 2021.