Commercial vehicle startup 91Trucks raises $5 million from Arkam Ventures, existing investors

Business car platform 91Trucks has raised $5 million Series A funding in a spherical led by early-stage enterprise capital agency Arkam Ventures. The spherical additionally noticed current buyers Titan Capital Winners Fund (which doubled down on its funding), Sparrow Capital, and Atrium Angels take part.The funds will likely be used to broaden 91Trucks’ product and expertise capabilities, scale up its group and open over 20 retail shops to extend its offline presence, in line with a press release launched by the corporate.

Apart from its core enterprise of promoting industrial autos, 91Trucks affords end-to-end help for used-truck patrons, reminiscent of offering entry to financing, dealing with insurance coverage, health checks, RTO transfers, and extra.

“Over 55% of CV gross sales in India comprise small industrial autos, primarily used for last-mile supply and owned by small fleet homeowners and driver-operators. We’re on a mission to prepare and develop this section,” Siddharth Sharma, CEO and cofounder of 91Trucks, mentioned within the assertion.

“Within the final two years, our income has grown 8x, and with this funding, we’ll speed up our bodily footprint throughout Tier 2 and three cities, spend money on expertise—significantly in AI—and strengthen our group,” he added.

Based in 2022, 91Trucks is India’s youngest full-stack industrial car platform and is seeking to change into a one-stop answer for all industrial car wants. Within the subsequent three years, the corporate goals to promote 10,000 industrial autos yearly.

“India’s logistics and transportation ecosystem contains small fleet operators and driver-owners who transfer 80% of the nation’s items, but face persistent challenges in accessing high-quality used autos and financing,” mentioned Bala Srinivasa, managing director at Arkam Ventures, which was based in 2020.