Fortigo Network raises $10m from existing investors
May 04, 2017: Logistics start-up Fortigo Network, recently announced that it has secured $10 million in its Series A funding round. The funds were raised from existing investors, Infosys co-founder and former UIDAI Chairman Nandan Nilekani and Accel Partners.
Fortigo Network is a freight exchange platform enabled with live transaction and electronic payments. Fortigo Network also offers complementing business services and facilities for the Indian road transport sector to enable the users to improve their efficiency and profitability. Using the cloud-based platform of Fortigo Network, consignors, consignees, fleet owners, transport companies and agencies can exchange information, transact and manage their entire business.
Fortigo Network aims to use the new funds to enhance the platform as well as fuel expansion of their truck network which currently has presence in all south-Indian states, south Maharashtra, Gujarat, Pune, Kolkata, Mumbai and Delhi NCR.
“With this funding, we will be able to extend the Fortigo Network to a pan-India level. Our blueprint is to enter and mark our presence in all the important transport hubs of the country including Guwahati, Jaipur, Raipur, Nagpur, Lucknow and Kanpurand, the hubs of Orissa, Bihar and Jharkhand over the next nine months. With this push, we expect to achieve our next milestone of reaching break-even by December 2018,” said Anjani Mandal, CEO, Fortigo Network.
By leveraging its partnerships with Federal Bank and IOCL (Indian Oil Corporation Limited), Fortigo Network facilitates completely cashless transactions on its platform and extends working capital benefits to its members. Additionally, the trucking logistics start-up uses the 800+ networked retail outlets of IOCL to provide complementary amenities to truck drivers, such as overnight stay facilities, secure parking, breakdown assistance, fuel discounts, etc.
Launched in June last year, Fortigo Network expects to grow by close to 50,000 trucks over the next 2 years.
