Quifers raises Rs2 crore from IAN, Smile Group
- Indian scientists using artificial intelligence to predict early onset of Alzheimer’s
- People need to make preventive measure a habit if India is to become malaria-free by 2027: home insecticides makers
- Bollywood is in love with biopics. But will it last?
- Flipkart wins relief over tax on discounts
- Why homebuyers can’t expect any RERA relief soon
Mumbai: Mumbai-based logistics company Vonken Technologies Pvt. Ltd that operates as Quifers, a tech-logistics start-up, said on Thursday that it has raised Rs.2 crore in a round led by Indian Angel Network (IAN) with participation of Smile Group, an Internet group focused on consumer Internet and media.
Founded in 2015 by Amit Mishra, Vaibhav Gupta and Amit Bansal, the company aims to use the funds to hire business development teams and expand to Pune, and update its technology.
“Quifers offers standardised logistics services at a utilization that’s higher than that prevalent in an unorganized format. This not only drives the cost down by almost 25-30% but also leads to increased earnings for the commercial vehicle drivers. We easily soak in the risks of uneven demands,” said Mishra.
Start-ups in this space have begun to draw investor attention. In 2015, Mumbai-based Porter raised $5.5 million from Sequoia and others, Shippr raised $500,000 in seed funding, Trucksfirst, the Gurgaon-based company raised Rs.62 crore from SAIF Partners and Singapore Post. Other start-ups include names like Moovo and Karrier.
Quifers aggregates light commercial vehicles to provide its services to consumers and enterprises. Currently, 200 vehicles are listed with the company, and 40-50 vehicles are added each week. It charges 15% commission on the total transaction. Quifers aims to touch Rs.1 crore in revenues, fulfil 500 orders a day and list around 500 vehicles by December.