Intra-city logistics start-up, Blowhorn, has raised USD 3.65 million (about Rs 25 crore) from IDG Ventures India, Michael & Susan Dell Foundation and existing investors Draper Associates and Unitus Seed Fund.
The company plans to utilise the proceeds from the Series A funding to expand operations to eight cities in the next 24 months, with over 25,000 daily active drivers, Blowhorn said in a statement.
Founded in 2014 by Mithun Srivatsa and Nikhil Shivaprasad, Blowhorn offers a tech-enabled platform to connect customers to mini-truck owners, enabling intra-city, sub 2-tonne deliveries. The company has 50 full-time employees and is present in Mumbai, Bengaluru, Chennai and Hyderabad.
“We have been able to leverage technology and operational innovation to emerge as a market leader by ensuring high business profitability and customer satisfaction. We will now focus on leading the segment across all performance metrics,” Blowhorn CEO Mithun Srivatsa said.