Bangalore-based logistics marketplace firm, Vahak has raised an undisclosed amount in their seed funding round led by Venture Capital Fund, Leo Capital. The round also witnessed participation from angel investors like Amit Gupta – founder of Yulu Bikes, Abhishek Goyal – founder of Tracxn and Ramakant Sharma – founder of LivSpace, Harsh Pokharna – founder of OkCredit and Archana Priyadarshini – angel investor and ex Unicorn India Ventures Partner.
The online road transport marketplace firm has decided to utilize the raised capital in strengthening its team and technological capabilities. Karan Shaha, CEO and Co-founder of Vahak stated that, “We believe that online brand creation coupled with a huge network can bring in wonderful growth opportunities especially for the small and medium scale transport businesses.”
Operated by Epictus Solutions India Pvt Ltd., the firm was founded by 2017 IIT alumnus Karan Shaha and Vikas Chandrawat in August 2017. The company is growing at a fast pace of 200% quarterly facilitating 500 daily activity loads.
Vahak basically supports the logistics companies to connect with truck owners, brokers and other transporters throughout the country with the help of its online platform. Within 3 years, the company has created a strong network with 40,000 transporters with a presence in over 3000 location across the nation.
Dinesh Singh, an investor at Leo Capital, said, “Logistics is a booming sector and there is a huge need of a marketplace like Vahak especially at a time when the COVID pandemic and resultant economic downturn has necessitated the resumption of inter-state business activities.” The investors have strong belief in the company’s talent and motive to innovate the transportation industry.