Chennai-based FR8, a platform for trucking system raises Rs 6.5 Cr from Omnivore Partners Venture fund. The fund will be used for expansion, investing in technology and talent.
FR8 founded in June 2016 by Jayend ran Panneerselvam and Vasanth Immanuel, already has 2,500 trucks from 400 vendors on the marketplace. It currently books around 1,000 orders worth about Rs 2.5 crore a month.
The company has enterprise and F&B clients like Philips, Asian Paints, Pepperfry, Britannia, Preethi Kitchen Appliances and Paperboat.
Immanuel, FR8 Founder, who worked for seven year at Asian Paints managing supply chain, said,“We offer a four-hour commitment to our clients and manually connect orders which have not gotten matched automatically. We believe that we are very capital efficient as we have scaled to Rs 2.5 crore of monthly bookings without raising any capital”.
Omnivore Partners is investing from a Rs 260-crore fund. “Omnivore believes that FR8 will transform long-haul trucking across India while benefiting the agribusiness ecosystem through optimised backhauling of farm commodities,“ said Mark Kahn, founding partner at Omnivore.