Sequoia Capital India puts extra money in fleet management startup LocoNav
Venture capital company Sequoia Capital India has topped up its investment in logistics-era startup LocoNav.
LocoNav has raised $four million (Rs 27.87 crore at the contemporary change rate) as part of a Series B spherical of investment, Inc42 reported.
Queries sent to LocoNav founder Shridhar Gupta seeking further details did no longer elicit a reaction till the time of publishing this document.
The startup, which is operated through BT TechLabs Pvt. Ltd, had previously raised $3.5 million (Rs 24.37 crore) from Sequoia in 2017.
Earlier known as Baba Trucks, LocoNav became based in 2015 by using Gupta and Vidit Jain. The Delhi-based agency says it provides proprietary technology answers to assist its customers manage and analyse their fleets, promising to lessen running costs and speed up turnarounds.
It gives offerings such as intelligent fleet tracking, automobile security and diagnostics, amongst others. LocoNav claims to have a presence in greater than one hundred towns. It reported internet sales of Rs 2.29 crore within the monetary yr 2017-18, according to VCCEdge, the statistics platform of Mosaic Digital.
There had been a number of investments in logistics-technology startups in the latest past, with companies looking to capitalise on presenting incorporated answers to startups and bigger corporates. Many of them rely upon algorithm-based offerings to differentiate themselves from the competition.
Earlier this week, VCCircle pronounced that Freight Tiger had secured $2 million (round Rs 14 crore) from Alsthom Industries Ltd, a cement grinding unit of Dalmia Cement (Bharat) Ltd.
Also this month, the Mara Labs Inc-run Locus raised $22 million (around Rs 196 crore) in its Series B spherical of funding led by way of Falcon Edge Capital and Tiger Global Management LLC.
In a big-price tag deal on the begin of the month, BlackBuck closed its Series D spherical at $a hundred and fifty million to position it at the cusp of getting into the unicorn club.