Lobb Secures $2.9 Million in Funding to Drive Expansion

Preeti Bali / 7:23 am / July 8, 2024

Lobb, a digital freight brokerage platform supported by 3one4 Capital, has successfully raised $2.9 million from high net worth individuals, including serial entrepreneur Rajesh Voddiraju and Sharada Nandakumar, CEO of Voya India. This latest funding round brings Lobb’s total funding to $4.4 million, which will be utilized to scale operations and extend its network across new regions in India.


Rapid Growth and Market Leadership

Lobb has quickly become the fastest-growing digital freight brokerage platform in India, connecting truckers and transporters nationwide. The platform serves a significant number of top logistics brands and collaborates with 1,200 logistics companies and over 5,000 fleet owners, covering more than 30,000 trucks. Operating in 22 cities with an asset-light model and a multilingual app, Lobb has established itself as a leader in the logistics sector.


Financial Performance and Expansion Plans

Focused on building a maintainable long haul business, Lobb is right now productive and expects to arrive at Rs 500 crore in income inside the following two years. The organization intends to grow forcefully into north of 50 geologies, focusing on in excess of 500 high-thickness courses. Throughout recent years, Lobb has encountered ten times development, accomplishing a yearly repeating income (ARR) of Rs 170 crore, driven by India’s developing advanced economy and the Make in India drive.


Utilization of Funds and Technological Enhancements

The recently procured assets will fundamentally be utilized to scale the business and extend Lobb’s organization. The organization additionally plans to upgrade its group across different capabilities to further develop its satisfaction proportion by reinforcing its innovation with GenAI, AI, and enormous information. Lobb has coordinated its foundation with oil majors for fuel and huge banks for Fastag, and plans to consolidate consistent yearly protection recharging for drivers and GPS route. The organization’s tech-driven exclusive highlights, including Truck Disclosure, Burden Coordinating, and Course Advancement, are set to change India’s strategies industry.


Investor Confidence and Future Prospects

Anurag Ramdasan, Accomplice at 3one4 Capital, communicated trust in Lobb’s future, expressing, “We predict enormous development in Indian foundation before very long and are eager to see Lobb carry innovation to smooth out development and effectiveness in this section. Venu and the group at Lobb have constructed one of the most capital-effective strategies organizations that we have run over, and we are extremely eager to see their process work out throughout the following ten years.”


Leadership Vision and Industry Impact

Venu Kondur, President and Fellow benefactor of Lobb, shared his excitement for the organization’s development and financial backer help. “We are glad to have the help of such regarded financial backers who share our vision of changing the strategies business. This financing will empower us to speed up our innovation drove development and extend our range, guaranteeing that we keep on conveying unmatched worth to our clients.”


Addressing Industry Challenges

Notwithstanding the Indian strategies industry having north of 10 million long stretch trucks, most claimed by little armada administrators who frequently battle to find reliable burdens, Lobb has actually overcome this issue. By disposing of the requirement for various calls and inconsistent mediators, Lobb has improved, made more dependable, and effective the most common way of moving cargo. Armada proprietors utilizing Lobb have expanded their income by 30%.


Investor Insights and Future Vision

Gopal Kaul, Lobb’s Chief ready, featured the financial backers’ trust in Lobb’s administration and plan of action. “The new round of gathering pledges has shown moderate certainty of the financial backers in Lobb’s authority group and the plan of action. Through digitization, we are focused on upgrading the effectiveness and spryness of the long stretch trucks business in India. In acknowledgment of our business initiative, I’m glad to share that Lobb is a vital accomplice of the Public authority of India’s ULIP stage (Brought together Operations Connection point Stage) endeavors in building the computerized door with industry players to get to coordinated factors related datasets from different Government frameworks through Programming interface based mix.”


Endorsements from Investors

Rajesh Voddiraju, Sequential Business visionary and Private supporter, shared his purposes behind putting resources into Lobb. “What especially intrigued us about Lobb Coordinated operations isn’t just their high level innovative arrangements yet in addition their reasonable and parsimonious way to deal with business. The group has shown extraordinary cleverness in augmenting yield while limiting expenses, guaranteeing economical development. Their vision and devotion adjust impeccably with my venture reasoning, and I’m sure that Lobb Coordinated operations will assume a critical part in driving the following period of development in India’s strategies area.” He added, “We are excited to put resources into Lobb Planned operations and backing their creative way to deal with reforming the planned operations industry. As India keeps on encountering fast monetary development and embraces the Computerized India drive, the requirement for proficient, innovation driven coordinated operations arrangements has never been more noteworthy. Lobb Coordinated factors is at the front line of this change, utilizing state of the art innovation to smooth out supply chains and upgrade functional proficiency.”

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