Vahak, an online road transport marketplace, has raised capital in a seed funding round led by venture capital fund Leo Capital.
Other angel investors who participated in this round include 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, Vahak said in a statement.
The startup didn’t disclose the amount it has raised.
The Bengaluru-based startup, operated by Epictus Solutions India Pvt. Ltd, aims to use the capital to strengthen its team and technological capabilities.
“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,” Karan Shaha, CEO at Vahak, said.
Vahak was launched by Karan Shaha and Vikas Chandrawat, who is an alumnus of IIT graduates, in August 2017.
Vahak enables logistic companies to connect with truck owners, brokers, and other transporters pan India through its online platform. Since its inception, Vahak is said to have built a network of 40,000 transporters with a reach in over 3,000 plus locations pan India.
Growing at over 200% quarterly, it caters to over 500 daily active loads.
“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,” Dinesh Singh, an investor at Leo Capital, said.
Article credits: Economic Times