Lobb Logistics to Target Large Pie of VC Funds
Tuesday, 27 August 2024
*Lobb* has emerged as the fastest-growing digital freight brokerage platform connecting truckers and transporters PAN India. Customers include many top Logistics brands. Working with 1200 logistics companies and over 5000 fleet owners encompassing 30000+ trucks. The target for next two years is to have 2,00,000 trucks in our fold & our team will be delighted to serve everyone who comes to us with a demand to ship material to any location. Today they operate in 22 cities in an asset-light model and a multilingual app. In the last 3 years, Lobb has grown 10 times to 170 Crores ARR by riding an ever-growing digital economy and the *Make in India *movement. The funds raised will primarily scale the business and expand LOBB's network across new geographies in India. The company is looking to grow its team across functions to increase the fulfilment ratio by strengthening its technology with GenAI, ML, and Big Data. They have integrated their platform with partners like HPCL for fuel and large banks like Axis Bank for FASTag. The seamless integration of annual insurance renewal for truckers and GPS navigation are also in the roadmap. Lobb is in the driver's seat of Indias logistics with their tech-driven proprietary features Truck Discovery, Load Matching, and Route Optimization.*L-R on screen Hemanth CTO, Jayaram COO & Venu Kondur*
Believing in creating a long-term sustainable business model, Lobb is currently profitable, on track to achieve 500 crores in revenue in the next 2 years. They have also raised $4.4 million to date. Lobb is backed by 3one4 capital. The recent tranche of USD 2.9 Million is a boost to the team on its journey in the Indian logistics space. With the intention to expand aggressively into over 50 geographies in India, catering to 500+ high-density routes. With the ever-expanding road network due to infrastructure boost by the current regime the road logistics industry is at the cusp of growth which is being watched globally by large investors & VC funding eagle eyes.
*Venu Kondur CEO* says, "Logistics space is being watched closely by the experts & analysts purely because of the growing opportunities, technology integration & ever-expanding infrastructure. This is where we want to capitalise & have the first mover advantage of doing so. Our portfolio in terms of fleet & large number of lorries is expansive which is what the logistics service providers look at for timely & prompt deliveries. In the next 24months we are looking for large pie of the VC funds in this space."
India has the second largest road network in the world, with about 63.32 lakh km of roads as of March 2019. This is a remarkable increase from about 54.02 lakh km in March 2014. The NH network length in the country has grown by 1.6 times, from 91,287 km in March 2014 to 1,46,145 km at present. The quality of roads has also improved substantially, with the length of 4 lane and above NH network increasing by more than 2.5 times, from 18,371 km in 2014 to 46,720 km. The share of less than 2 lane NHs has reduced from 30% to 10% of the total NH network, with the length decreasing from 27,517 km to 14,350 km. The Ministry has started the implementation of 21 green field access-controlled corridors, including expressways, in which work in about 3,658 km length has been completed. It has also completed various flagship projects or their sections, which are already opened to traffic, to enable ease of movement.
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