Bengaluru-based digital freight brokerage startup Lobb has bagged $2.9 million in a funding round led by top investors including Rajesh Voddiraju, Sharada Nandakumar CEO of Voya India, Divyasree Developers’ Chairman P Shyama Raju, Intel Corp’s Giri Pasumamula, and Ensoftek’s President & CEO Ramana Reddy.
In an earlier funding round led by early-stage venture capital firm 3One4 Capital, the startup had raised 1.1$ million. Anurag Ramdasan, Partner at 3One4 Capital revealed that the platform integrates with oil majors for fuel and banks for FasTag and plans upon including GPS navigation and annual insurance renewal for truckers. Venu Kondur, CEO and co-founder stated that the latest round of funding should expand the startup’s technology, reach, and value.
The raised capital is set to be used for the expansion of operations from its current count of 22 cities to over 50 geographies and to improve the company’s fulfillment ratio with the integration of GenAI and Machine Learning in its technology stack. The startup has set a revenue generation target worth Rs 500 crore within the next two years.
Ever since Lobb was founded in 2015 by Venu Kondur, Hemanth G, and Jayaram Raju K, it has developed to be one of the fastest-growing digital freight brokerage platforms, growing 10 times to Rs 170 crores ARR in the last 3 years.
Its services run nationwide, connecting truckers and transporters with a network of around 5000 fleet owners and 30,000 trucks in collaboration with over 1200 logistics brands. Gopal Kaul, Director on Board added that the revenue of fleet owners using Lobb has grown by 30%, highlighting the startup’s commitment to shaping and streamlining the long-haul trucks business in India.
