NEW DELHI: IDG Ventures along with Michael & Susan Dell Foundation has invested Rs 25 crore in intra-city logistics startup Blowhorn in a series-A round. Existing investors in the startup Draper Associates and Unitus Seed Fund also participated in the round.
The company, which specialises in intra-city logistics and offers mini-trucks on rent in multiple cities of India, plans to utilise the funds raised to expand to expand operations to eight cities in the next 24 months with over 25,000 daily active dri vers. “We have been a frugal startup with a high level of focus on unit economics,” said Mithun Srivatsa, CEO at Blowhorn. “We will use the funds raised to expand operations to Delhi, Kolkata, Kanpur and Indore,” he said.
Currently, the startup has operations across Mumbai, Bengaluru, Chennai and Hyderabad. The startup has scaled to 50 full-time employees with operations in Mumbai, Bengaluru, Chennai and Hyderabad also plans to use the funds raised to double down its technology.