Digital Freight Brokerage company Lobb has raised $1.1 million in a Funding round from Bjyu Pillai, group managing director, Inflow Technology and investor Gopal Kaul.
In this round many investors also participated like 3one4 Capital, Srinath Ramakkrushnan (Zetwerk & Ofbusiness), Mohit Mittal (Southern Cargo Carriers), M D Ramaswami (former MD, Dell India) and Vishad Gupta ( Fidelity Information services, India).
The company said that the funds will use in scale the business and expend Lobb’s network across newer geographies in India.
Venu Kondur, CEO and cofounder of Lob, said, “We have realized that the time has come for innovation and disruption in the space by using technology. Through Lob’s technology platform, transportation is made simpler and more efficient. We are able to work with more than 2000 truckers for this purpose. This fund will help us achieve the next level of growth and further empower many truckers and logistics companies.”
Company also thinking to strengthen its technology to automate tasks, grow its team across functions to increase fulfillment ratio and adding more truckers and transporters onto the platform.
Bengaluru based startup founded in 2015 by Venu Kondur, Lobb’s mission is work with the next billion netizens and Digitally Distrupt Logistics.
Present time, Lobb is operational in 12 cities across India such as Bengaluru, Chennai, Mumbai and Pune working with over 500 logistics companies. It plans to expand to another 20 cities to have a pan India reach within the next eight months.