Intra-city mini-truck aggregator Lynk has raised about Rs 20 crore from existing investor Ramco Group and the promoters – P.R. Venketrama Raja (Chairman – Ramco Systems) and Abinav Raja–the co-founder of the Chennai-based startup.
So far, the surface logistics firm has raised about Rs 26.6 crore.
The mini-truck aggregator platform Lynk was founded by Raja and Shekhar Bhende, that allows shippers to book mini trucks for local goods transport through a mobile app or through a call center.
In the latest funding round, Lynk has received the first tranche of 6.6 crore and the remaining Rs 13.4 Cr will be paid later.
Lynk is currently in Chennai, Hyderabad, and Mumbai. The firm is also planning to increase its footprint in other major cities.
During a conversation with BusinessLine, the startup had claimed that its app has been downloaded more than two lakh times. Over 30,000 unique customers access the platform every month and more than 2.5 lakh transactions have been completed on the platform so far.
Lynk provides only the transportation; if customers want help in loading and unloading the goods, they will have to pay extra. Customers, after registering themselves in the app (Andriod and iOS platforms), can choose the type of truck, mode of payment and opt for value-added services such as insurance and labour.
More than 70 per cent of their business, according to Bhende, comes from small businesses, which have to move goods within the city.
Besides mini-truck, the firm also aims to foray into bikes or even larger trucks.
Recently, Bengaluru-based intra-city logistics company Porter raised Rs 50 crore Series C round from Mahindra Group. Porter offers mini-trucks Light Commercial Vehicle (LCVs) to SMEs, small businesses and individuals on demand as well as on fixed arrangement basis. Another intracity logistics provider Mojro raised $650K funding led by 1Crowd and its investor community.
The development was reported by Paper.vc.