Logistics Startup Blowhorn Raises Venture Debt From Trifecta Capital
Blowhorn, a Bengaluru-based startup, owned by Catbus Infolabs, has raised undisclosed venture debt from funding provider, Trifecta Capital.
An intra-city asset-light logistics startup, Blowhorn aims to create an asset-light, intra-city, full-stack logistics marketplace for the sector. The startup said the funding is a testimony to its continued focus on innovation, capital efficiency, and best-in-class customer experience.
On the funding into Blowhorn, Rahul Khanna, Managing Partner, Trifecta Capital said, “Blowhorn is building a fast-growing business in a space that is seeing even greater interest in times of COVID19. Given its focus on intra-city logistics and depth of fulfilment capabilities, the company is able to support a wide spectrum of customers in these challenging times.”
Founded in 2014, by Mithun Srivatsa and Nikhil Shivaprasad, Blowhorn has expanded its presence to over 30 major cities in India currently with around 40,000 drivers on board. The company connects customers with intracity transportation to handle loads from one gram to one tonne.
Headquartered in Bengaluru, the company claims to provide full-stack logistics services through its tech platform that connects logistics service seekers with mini-truck drivers through a website and mobile app. According to the startup, it will use this venture debt fund to achieve full P&L profitability by the end of FY20.
Blowhorn had raised $8.8 million from Chiratae Ventures, Michael and Susan Dell Foundation, Draper Associates, and Unitus Ventures amongst others, in funding prior to this.
“Having tracked this space for some time, we believe that Blowhorn’s technology leadership combined with a capital-efficient model will enable it to scale into a profitable, highly defensible national player in full-stack logistics,” Khanna added.
Additionally, it provides fulfilment services and full API integrated delivery services. Mithun Srivatsa, CEO of Blowhorn, said, “We are thrilled to have Trifecta Capital invest in Blowhorn. Trifecta Capital is an extremely selective capital allocator.”
The logistics startup space in India has been led by some leading companies like Delivery, Rivigo, and Blackbuck, amongst others and these companies are leveraging technology to bring that differentiation to the marketplace. The advent of coronavirus pandemic has allowed these logistics startups to reconsider their business model, which is likely to bring the much-needed changes in the whole supply chain infrastructure.
