Grab a Mumbai based hyperlocal logistics service startup has raised an undisclosed amount of debt financing led by Aramex Ventures Llc a UAE based logistics.
It was founded in 2012 by Jignesh Patel, Pratish Sanghvi and Nishant Vora. It provides its logistics services to food tech platforms, restaurants, banks, e-commerce platform and groceries. It’s client include Zomato, Snapdeal, Big Bazaar, Pantaloons, McDonalds, Pizza Hut, RBL Bank and more. It’s services includes reverse deliveries, on-demand, last mile nad first mile management.
According to the RoC document
“Aramex CCD refers to 200,040 compulsory convertible debentures to be converted into 11,753 equity shares, out of which Aramex has already subscribed to Aramex Tranche I CCDs and the balance (Aramex Tranche II CCDs and Aramex Tranche III CCDs) shall be subscribed by Aramex in next two tranches.”
It’s competitors includes Opinio and Shadowfax. Opinio raised $7 million in its Series A round of funding from SSN Logistics Pvt Ltd, Accel partners and Sands Capital and Shadwofax raised $8.5 million from Eight road ventures and Fidelity’s proprietary investment firm.
According to Tracxn, since January around 27 hyperlocal B2B delivery startups were founded in India and this sector has raised around $38 million so far.
According to RoC documents, Grab has raised Rs 13.34 crore in debt from Aramex Ventures. It will raised two more funding from Aramex Ventures.