The company aims to use the funds to strengthen its tech capabilities and team, and also expand its network.
Vahak, a marketplace for road transport businesses and individual commercial vehicle owners has raised $5 million a pre-series A funding. The funding round was led by RTP Global with participation from Luxor Capital and Leo Capital.
Other marquee angel investors including New Delhi-based Snapdeal co-founders Rohit and Kunal Bahl and Khatabook co-founder and CEO, Ravish Naresh also invested in this round.
The company aims to use the funds to strengthen its tech capabilities and team, and also expand its network, as India's need for freight and special goods remains robust for handling different types of cargos. Millions of trucks are idle due to operational inefficiencies causing huge monetary losses for truckers. Vahak has cutting-edge technologies to weed out such inefficiencies and help transporters optimize their vehicle utilization.
Vahak’s operating model is similar to the international logistics marketplace valued at over $20 billion. As India moves on to become aatmanirbhar (self-sufficient) and a manufacturing hub in sync with the ‘Make in India’ initiative, Vahak aims to ensure the same operational efficiency in the Indian logistics sector through technology integration.
“We are delighted to receive this funding from an esteemed group of marquee investors. At Vahak, we are leveraging technology to enable the stakeholders in the transport sector to connect with each other and bring growth. We started out with the vision of addressing the huge trust gap in the logistics space and simplifying things for transporters, agents, and vehicle owners. Going forward, we are looking to strengthen our pan-India presence" said Karan Shaha, co-founder and CEO, Vahak.
Vahak is a lean startup built on the back of cutting-edge technology, that aggregates transport service operators from all over India and already connects to more than half a million trucks across the country. Founded by Karan Shaha and Vikas Chandrawat in February 2019, Vahak is India’s largest online transport marketplace for road transport businesses and individual commercial vehicle owners.