In addition to co-founders Sarthak Shah Elwadhi and Aviraj Singh Chadha, who have increased their ownership in the business, TrucksUp, a logistics platform, has raised $8.2 million in a funding round from institutional investors and family offices at a post-money valuation of $42.3 million.
According to a news statement from TrucksUp, the additional funding will be utilized to expand its fleet and technology solutions.
TrucksUp is an AI-powered digital freight marketplace and logistics platform that was founded in 2022 by Sarthak Shah Elwadhi and Aviraj Singh Chadha with the goal of closing the supply-demand gap in India’s conventional trucking ecosystem. The platform puts drivers, fleet managers, and truck owners in direct contact with companies who need to transfer freight.
The Gurugram-based business claims that its AI-enabled algorithms cut reverse-loading wait times by instantly matching available trucks with verified cargoes. Additionally, it provides a single dashboard for digital document management, shipment tracking, and real-time GPS tracking.
FASTag solutions, smart fuel programs, insurance assistance, and car financing choices are all offered by TrucksUp. Additionally, it makes buying and selling new and used commercial vehicles easier.
Additionally, the startup offers access to its “Apna Ghar” network along major corridors for safe parking and rest, as well as health check-up camps and safety activities. In order to provide real-time driver feedback and road updates, it has teamed with the National Highways Authority of India (NHAI) and Indian Highways Management Company Ltd (IHMCL).
Additionally, the platform has established a strategic partnership to give transporters and fleet owners in Tier 2 and Tier 3 cities access to funding and car financing.
The funding coincides with an increase in investor interest in freight and logistics technology powered by AI. Mojro Technologies obtained $5.5 million in Series A funding to speed up product innovation and international expansion, while FreightFox just raised Rs 5 crore in a pre-Series A round headed by HighLeaf to expand its platform and market reach.
