Fortigo Network, the trucking logistics startup, has raised $10 million capital in a Series A funding round from existing investors Accel Partners and Infosys co-founder Nandan Nilekani in a bid to expand its current network of trucks, invest in building its core technology product further and help small and medium-sized fleet owners in getting on the Goods and Services Tax Network (GSTN). It is also planning to build a payments platform for the logistics industry with the funds. The startup, founded by
Vivek Malhotra and Anjani Mandal in 2015, last raised $2 million seed funding at the time of inception.
Vivek Malhotra explained his vision, and said that “Fortigo currently has about 6,500 trucks on its platform and will scale up rapidly to accommodate close to 50,000 trucks by sometime next year. With the proposed GST coming up and growing importance of electronic payments in business transactions, we expect the Fortigo Network to play a significant role in transforming the unorganized and fragmented transport industry. As India’s only freight exchange enabled with transactions, Fortigo also provides unique value-adds including electronic payments at primary as well as secondary levels”.
The startup is currently building a fleet management service for truck owners that will help them manage and track their inventory more efficiently and help save logistics costs. The technology platform also helps truck drivers plan journeys more effectively and reduce the possibility of delays in transportation.