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 no longer elicited a reaction until this document was published.
The startup, which is operated through BT TechLabs Pvt. Ltd 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 in managing and analyzing their fleets, promising to lessen running costs and speed up turnarounds.
It offers intelligent fleet tracking, automobile security, and diagnostics. LocoNav claims to have a presence in more than one hundred towns. It reported internet sales of Rs 2.29 crore within the monetary year 2017-18, according to VCCEdge, the statistics platform of Mosaic Digital.
There have been several investments in logistics technology startups, with companies looking to capitalize 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 (around Rs 14 crore) from Alsthom Industries Ltd, a Dalmia Cement (Bharat) Ltd cement grinding unit.
Also this month, the Mara Labs Inc.-run Locus raised $22 million (around Rs 196 crore) in its Series B spherical funding led by way of Falcon Edge Capital and Tiger Global Management LLC.
In a big-price tag deal at the beginning of the month, BlackBuck closed its Series D spherical at $ 50 million to position it at the cusp of getting into the unicorn club.