Logistics startup Fortigo raises Series A funding of $10 Million from existing investors Accel India Management Co. Pvt. Ltd and Infosys co-founder Nandan Nilekani, according to filings with the Registrar of Companies. Previously, in 2015 the startup raised $2 Million of seed funding from existing investors.
The Bangalore-based startup was founded in late 2015 by Vivek Malhotra with former Genpact executive Anjani Mandal. Fortigo is currently serving different industries such as wholesale, grocery, telecommunications, and waste.
According to Vivek Malhotra, CEO, “Fortigo currently has about 6,500 trucks on its platform and will scale up rapidly to accommodate close to 50,000 trucks by sometime next year. Fortigo is currently building a fleet management service for truck owners that will help them manage and track their inventory more efficiently and help save logistics costs.”
The fresh funds will be utilized in expanding its current network of trucks, invest in building its core technology product further and help small and medium-sized fleet owners in getting on the Goods and Services Tax Network (GSTN), among other things.
Recently in April 2017 both the investors backed agri-marketing platform called Ninjacart by providing Series B funding.
Subrata Mitra, a partner at Accel Partners India said, “With the proposed GST coming up and growing importance of electronic payments in business transactions, we expect the Fortigo Network to play a significant role in transforming the unorganized and fragmented transport industry. As India’s only freight exchange enabled with transactions, Fortigo also provides unique value-adds including electronic payments at primary as well as secondary levels.” Read more about Indian Startup Ecosystem.
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