GoBOLT raises $20M in a Series B funding round

GoBolt-raises-$20M-in-Series-B(source: SaaS Industry)
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 Paragon Partners Growth Fund II and Aavishkaar Capital lead a $20 million Series B financing round for GoBOLT. It is located in Gurgaon and specializes in end-to-end (E2E) logistics solutions. In 2015, Naitik Baghla, Parag Aggarwal, and Sumit Sharma co-founded it. It claims a 6x revenue gain in the past three years by providing linehaul express solutions to eCommerce and non-eCommerce firms. 

Camions Logistics Solutions Private Limited (“GoBOLT“), a tech-based logistics startup, has announced that it has raised $20 million in a Series B funding round led by Paragon Partners Growth Fund II and existing investor Aavishkaar Capital. Small supplementary components, as well as debt lines from private banks, are included in the round.

GoBOLT, which specializes in end-to-end (E2E) logistics solutions, is based out of Gurgaon was co-founded by Naitik Baghla, Parag Aggarwal, and Sumit Sharma in 2015. 

The startup focuses on converting the Indian logistics sector into an express supply chain by applying cutting-edge technologies. It offers linehaul express solutions to eCommerce and non-eCommerce businesses, claiming a 6x revenue increase in the previous three years. 

Sumeet Nindrajog, co-founder and senior partner from Paragon Partners who will be joining GoBOLT’s board of directors, said, “GoBOLT is Paragon’s first investment in the logistics sector across the two funds and is in line with our investment strategy of partnering with high-caliber entrepreneurs with compelling business models and assisting them in scaling up operations. With the introduction of GST and increasing modernization of the highway network, the industry is experiencing a structural shift with strong tailwinds.”

He added that COVID-19 had given the eCommerce business a boost, and nimble tech-led profitable companies like GoBOLT are well-positioned to capitalize on the industry’s rapid development. We’re thrilled to be investing in a scalable and lucrative tech-enabled platform managed by a young, dynamic team of three entrepreneurs who bring complementary skill sets, expertise, and a collaborative decision-making style to the table.

“We are excited to onboard Paragon Partners as investors and would like to thank Aavishkaar Capital for their continued support. The Indian subcontinent is grappling with inefficiencies in the supply chain with logistics cost estimated to be around 14 percent of GDP, substantially higher than the US and Europe. While our offering of express E2E logistics and SaaS-based technology solutions are transformational, we will continue to invest in technology and leverage Artificial Intelligence and Machine Learning tools to drive further efficiencies across the industry.”

Mr. Aggarwal, CEO, and Co-founder, GoBOLT

“The GoBOLT leadership has been exceptional in their execution, with a laser-sharp focus on profitable growth. We believe the future opportunity in the Indian tech-led logistics space is extremely exciting, and the GOBOLT team is well placed to capture this opportunity. With this fundraise, GoBOLT is well-positioned to continue its rapid growth trajectory while delivering significant impact to the larger logistics ecosystem of customers, vendor partners, and drivers.”

Ajay Maniar, Partner, Aavishkaar Capital
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