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Co-founders (L-R) - Prashant Mohite, Sandeep Patil, Yogesh P | Image Courtesy - Oorjaa
Business-to-business (B2B) logistics startup Oorjaa, a technology-enabled platform for the Intra-City logistics market, today announced it has raised Rs 9 crore in a pre-Series A funding round led by Inflection Point Ventures.
The round also saw participation from a clutch of HNIs who have invested in a personal capacity and through Vinners angel investing platform, the statement said.
Sandeep Patil, Prashant Mohite, and Yogesh Parab launched Oorjaa in November 2019. “Our experience of interacting with IPV has been very fulfilling with complete handholding during the entire process. Their quality of diligence and in-depth understanding of the space we are operating in tilted us to onboard them as lead investors in Oorjaa," Sandeep Patil, CEO and one of the co-founders of Oorjaa said.
The startup said it offers highly effective technology-driven logistics solutions aided with transformative technology solutions on auto-routing, network optimization, data analytics, trip management, and highly efficient operating processes run by the most skilled and trained manpower.
According to the statement, Its biggest strength is having proprietary tools for optimizing logistics operations, diversely skilled founders with decades of experience in building products and businesses.
With this round of funding, Oorjaa will focus on product and tech development, expanding into new geographies and on working capital requirements, it said.
"In last 2 years, we have achieved product-market fit with bootstrapped capital. With this fund raise, we target to grow multi-fold across geographies and offer digitalized and intelligent logistics solutions to our clients with a sole focus to optimize their intra-city logistics requirements," Sandeep adds.
Since its inception, Oorjaa has expanded to more than 15 cities, 30+ Hub locations, conducting 4000+ orders per day with 200+ Vehicles (inclusive of EV Cargo Vehicles, promoting sustainability).
Speaking on the investment, Mitesh Shah, Co-Founder, Inflection Point Ventures said, “Timely movement of goods without any damage to the product has always been the companies’ primary need. As many companies move high-value products or look for tracking of shipment, tech solutions are the go-to solutions. Understanding this gap, Oorjaa successfully designed a technology-enabled logistics solution which provides end-to-end automation for varied delivery requirements.”
He further added, “The company has already witnessed a fast growth since 2019 and has some of the well-established brands as a part of its clientele like Flipkart Wholesale, Jio Mart, Udaan, Zomato Hyperpure, Big Basket amongst others.
In the intra-city logistics segment, the problem exists in streamlining supply chain processes supported by real-time solutions to improve the delivery time.
Oorjaa is building a smart tracker which tracks all the data from the order placed to POD (Proof of Delivery) and ensures the best results with a high rate of accuracy. Apart from this, the startup has also developed a 5 step Intelligent Routing solution to get order inputs, identify optimal solutions, factor available vehicles, modify routes, and formulate the final best-optimized route plan.
The Intra City Logistics market is a US$3.5 billion market and is expected to grow by 2x by 2025. It is presently served by the unorganized and fragmented transporters with rudimentary working styles, the company said.
The logistics startup aims to leverage AI/ML, IoT tools & intelligent route optimization algorithms in the future to aggregate demand & cross utilize assets (LCV such as TATA Ace/407 & Bolero), along with passing on some of the cost benefits to their clients.
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