Lobb, a digital freight brokerage company based in Bengaluru, has raised $2.9 million. With the support of 3one4 Capital, the platform has become one of the nation’s fastest-growing digital freight brokerage networks, linking truckers and transporters nationwide.
According to a statement included in the release, the money will be used to expand the operations in more than 50 regions in order to access high-density routes.
According to the statement, among the investors are businessman Rajesh Voddiraju, CEO of Voya India Sharada Nandakumar, chairman of Divyasree Developers P Shyama Raju, president and CEO of Ensoftek Ramana Reddy, and Giri Pasumamula of Intel Corp.
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Established in 2015, Lobb stated that it is on course to generate Rs 500 crores in revenue over the next two years while focusing on developing a long-term sustainable business model.
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Several leading logistics brands are among the startup’s clientele. With over 5000 fleet owners and over 1200 logistics companies under its contract, it manages over 30,000 trucks. The business currently operates in 22 cities.
“In the last 3 years, the startup has grown 10 times to 170 crores ARR by riding an ever-growing digital economy and the Make in India movement. The funds raised will primarily scale the business and expand the network across new geographies in India. The company is looking to grow its team across functions to increase the fulfillment ratio by strengthening its technology with GenAI and machine leaderning,” it said.
According to Anurag Ramdasan, Partner at 3one4 Capital, the platform is integrated with banks for FasTag and oil majors for fuel. “The seamless integration of annual insurance renewal for truckers and GPS navigation are also in the roadmap”
“The latest round of funding will enable us to accelerate the technology-led growth and expand the reach, ensuring that we continue to deliver unparalleled value.” Venu Kondur, CEO and co-founder, Lobb, said.
Gopal Kaul, Lobb’s director on board, said that the Indian logistics industry has over 10 million long-haul trucks but the majority belongs to small fleet owners who often struggle to find consistent loads on time. A transporter has to make innumerable phone calls, dealing with unreliable middlemen and wasting time and resources.
About Lobb
Lobb is a utilizing cutting-edge technology and creating ground-up, creative solutions that are applicable on a worldwide scale, we empower transporters and truckers to “Connect, Discover & Transact Freight” in a frictionless manner.
