FreightBazaar, India’s first online portal for truck hiring intended for businesses, recently raised a pre-Series A funding round with Omphalos Ventures India leading the funds of an undisclosed amount. Ah! Ventures, a startup that aims at bridging communication between investors and businesses, was essential in sealing the deal.
FreightBazaar revealed that the funds raised will serve the purpose of scaling up operations and expanding its business to several new cities, while also improving its technology to facilitate processes and procedures.
“For the past few years, we have been working to bring structure, technology, efficiency and reliability into the way long-haul transportation has been managed in India,” said co-founder and CEO, FreightBazaar, Ganesh Rewanwar.
The startup was founded in 2013 by Bhaven Shah and Rewanwar and operates as a cloud-based B2B freight collaboration platform. Saanvad Ventures Pvt. Ltd runs the startup which facilitates small, medium and large businesses and truck suppliers to manage end-to-end transportation process such as truck sourcing, negotiations of transport rates, tracking of delivery, payment and documentation.
“We have built a truly integrated platform that did much more than just connecting two parties,” said co-founder Shah. “It has an analytics framework to provide various real-time decision-making and historical insights for continuous improvement of companies’ transport operations,” he added.
As for investors Omphalos Ventures India LLP, they believe that FreightBazaar offers such a useful service, backed by an efficient team which will be a major factor in scaling up which building a viable business.