Bengaluru-based freight brokerage platform Lobb raises $2.9 million in funding

Bengaluru-based digital freight brokerage platform Lobb has raised $2.9 million in a funding round led by several notable investors, including Rajesh Voddiraju, Voya India's CEO Sharada Nandakumar, Divyasree Developers' Chairman P Shyama Raju, Ensoftek's President and CEO Ramana Reddy, and Intel Corp's Giri Pasumamula.

“The latest round of funding will enable us to accelerate the technology-led growth and expand the reach, ensuring that we continue to deliver unparalleled value,” said Venu Kondur.

Prior to this round, THe startup raised $1.1 million in a funding round led by early-stage venture capital firm 3One4 Capital.

What does Lobb do?

Founded in 2015 by Venu Kondur, Hemanth G, and Jayaram Raju K, Lobb has rapidly emerged as one of the fastest-growing digital freight brokerage platforms, connecting truckers and transporters nationwide.

The startup claims that it is on track to achieve a revenue target of Rs 500 crores within the next two years.

Lobb's customer base includes top logistics brands. It collaborates with over 1,200 logistics companies and has a network of more than 5,000 fleet owners and over 30,000 trucks.

Currently, Lobb operates in 22 cities and aims to expand further.

Purpose of fundraising

Lobb plans to use the raised capital to to expand the operations in over 50 geographies to tap the high-density routes. The startup also intends to enhance its technology stack by integrating GenAI and machine learning to improve its fulfilment ratio. 

Anurag Ramdasan, Partner at 3one4 Capital, mentioned that the platform is integrated with oil majors for fuel and banks for FasTag, and plans are in place for seamless annual insurance renewal and GPS navigation for truckers.