Intra-city asset light Logistics startup, Blowhorn has raised an undisclosed amount in venture debt from Trifecta Capital. This Bengaluru-based startup aims to an asset-light, intra-city, full-stack logistics marketplace for the industry. The company believes that this funding validates their efforts in terms of their focus on innovation, capital efficiency and Customer Experience.
“Blowhorn is building a fast-growing business in a space that is seeing even greater interest in times of COVID19. Given its focus on intra-city logistics and depth of fulfilment capabilities, the company is able to support a wide spectrum of customers in these challenging times.” Rahul Khanna, Managing Partner, Trifecta Capital also added, “Having tracked this space for some time, we believe that Blowhorn’s technology leadership combined with a capital-efficient model will enable it to scale into a profitable, highly defensible national player in full-stack logistics.”
Mithun Srivatsa and Nikhil Shivaprasad started Blowhorn in 2014 and today the firm has reached over 30 cities in India with 40,000 drivers on the system. They connect the users with intracity transportation and provides the service to handle loads from a gram to a tonne.
The Bangalore-based startup connects user with the drivers through its website and mobile application. The raised funds will be used to achieve complete P&L profitability by the end of current fiscal year. The firm has raised $8.8 million from another bunch of investors in a funding round prior to this.
In addition to the above stated services, Blowhorn also provides fulfillment services and complete API integrated delivery services. India has a huge market for logistics industry and now companies have started leveraging on technology to rebuild the industry to optimize it better.