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Logistics tech startup Vahak has raised $14 million in Series A funding round led by Nexus Venture Partners.
The round saw participation from Foundamental, iSeed Ventures, Leo Capital, RTP Global, & Titan Capital. Vahak has now raised a total of $20.3 million since its first round in March 2020.
The funding will be used for user-base expansion, building a tech infrastructure by incorporating AI, ML, Big Data, and providing additional value-added services. Vahak aims to create an all-encompassing ecosystem for truck suppliers and become the go-to digital solution for them.
Vahak is a free-to-use, open marketplace for shippers and transport SMEs to discover and connect with truckers to help with their transportation needs.
Karan Shaha, Chief Executive Officer(CEO), and Co-Founder, Vahak, said, “we are now all set to scale our technology and operations to capture 10 per cent of the Indian logistics market and go from 1.5 million users to 10 million users in the next one year. We plan on expanding rapidly, enabling millions of Indian transporters and businesses with the power of technology.”
Vahak has already integrated the platform with escrow payments and plans on bringing in services like insurance, GPS, spare part purchase, etc. very soon, he added.
To support their vision to improve the truck supplier ecosystem, Vahak has collaborated with MediBuddy to provide over 6 lakh truck drivers with free online doctor consultations. It is also set to bring in a wide range of VAS (value-added services), like fuel cards, insurance, GPS, truck tyres & spare parts, and more.
Alongside tertiary services, Vahak has also launched Vahak Payments, an in-app feature to make transactions faster and safer. Truck drivers can request for advance/balance payments and consignors can pay with a single click. Vahak Payments are safe and fast and help mitigate major payment issues.
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