Vahak gets $14 million in funding from Nexus, other investors

21 Jun 2022 , 03:31 PM

Vahak, a startup that connects people with transportation providers, announced on June 21 that it has raised USD 14 million (about Rs110 crore) in a fundraising round headed by Nexus Venture Partners. Fundamental, iSeed Ventures, Leo Capital, RTP Global, and Titan Capital were among the other investors in the Series A fundraising round, according to Vahak.

Since its first round of fundraising in March 2020, the company has raised a total of USD 20.3 million (about Rs160 crore), according to the company. According to the company, the cash will be used to expand the user base quickly, establish a digital infrastructure that incorporates artificial intelligence, machine learning, and big data, and provide additional value-added services.

According to the report, tech adoption in the Indian logistics business is fast expanding, and the need for digitally-driven logistics services is much greater in post-pandemic India.

It is critical that such tech-driven initiatives have enough support from all quarters as India aspires to cross the USD 5 trillion economy threshold and develop common prosperity for all residents, according to Verma. According to Vahak, the platform has attracted over 1.5 million shippers and carriers who have booked over 6 lakh trucks for their transportation needs.