Indian logistics company raises $11m in funding
Indian “hyper local logistics provider” Roadrunnr has announced that it has raised $11m in a first strategic round of funding (Series A) from Sequoia Capital and existing investors Nexus Venture Partners and Blume Ventures. The company said it will use the investment to ramp up its technology platform and expand its delivery network.
Roadrunnr aims to provide merchants such as restaurants and online retailers with “the capability to deliver orders rapidly and on-demand to customers in their locality by connecting them with a supply force using mobile technology”. It essentially works on the crowdsourcing model, inviting drivers through its website to become “runnrs” on a part-time basis.
Roadrunnr started operating in Bangalore and has recently extended its services to Delhi. The company, which now plans to take this model across the country, is piloting its services in Mumbai.
“Having seen on-demand delivery being a clear trend in India driven by the consumer’s desire for convenience and quality, we at Roadrunnr are committed to solving the hyper local logistics problem for merchants and online aggregators,” Mohit Kumar, Roadrunnr’s Co-founder and Chief Executive, told local media.
“Our services are asset light, involving no hubs or warehouses, which allows a flexible model for both merchants and drivers. So far, we have reached about 1,500 orders a day.”