Digital freight brokerage company Lobb raises $1.1 million in funding

Chennai: Digital freight brokerage platform Lobb said it has raised $1.1 million in a funding round led by Byju Pillai, group managing director, Inflow Technologies and angel investor Gopal Kaul.

The round also saw participation from 3one4 Capital and other investors including, Srinath Ramakkrushnan (Zetwerk & Ofbusiness), Mohit Mittal (Southern Cargo Carriers), M D Ramaswami (former MD, Dell India) and Vishad Gupta (Fidelity Information Services, India).

The company said the fresh capital will be primarily used to scale the business and expand Lobb’s network across newer geographies in India. It is also looking to strengthen its technology to automate tasks, grow its team across functions to increase fulfillment ratio, as well as acquire more customers — i.e. adding more truckers and transporters onto the platform.

Currently, Lobb is operational in 12 cities across India such as Bengaluru, Chennai, Mumbai and Pune working with over 500 logistics companies. It plans to expand to another 20 cities to have a pan India reach within the next eight months.

“We realised that the time was ripe for innovation and disruption of the space using technology,” Venu Kondur, CEO & cofounder, Lobb, said in a statement. “Through Lobb’s tech platform, we have been able to work with over 2,000 truckers across the country to simplify and make transportation more efficient. The funds raised will help us achieve the next-level of growth and empower many more truckers and logistics companies.”

Kondur said that within a span of eight months, the company has witnessed 300% revenue growth and marked 500% growth in the number of truckers on its platform. As part of its next stage of growth, Lobb aims to improve utilisation of trucks from the current 13-15 days a month to optimal 21-25 days.

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