Raises $11mn in Series A funding from Sequoia Capital, Nexus Venture Partners, and Blume Ventures
Bangalore, July 15, 2015: Roadrunnr, a B2B online platform and service provider for hyper local logistics, has raised $11 million from Sequoia Capital and Nexus Venture Partners and Blume Ventures. This investment will help Roadrunnr enhance its technology platform, expand nationally and build a dense delivery network.
Bangalore based Roadrunnr (www.roadrunnr.com) aspires to provide every merchant in India the capability to deliver orders rapidly and on-demand to customers in their locality by connecting them with a supply force using mobile technology. The company caters to merchants, restaurants and ecommerce companies, managing their deliveries in a cost effective manner while adhering to service level agreements. Roadrunnr has quickly grown to have the largest fleet for on-demand services in Bangalore and has recently started operations in Delhi NCR. It now plans to take this model across India and develop the largest fleet of on-demand hyperlocal delivery carriers in the country. The company is piloting its services in Mumbai and is seeing a strong response from merchants.
The company partners with students, drivers and others who work with Roadrunnr on a part time basis. Their pricing model differs from other aggregators as they charge merchants a flat fee based on their shipment size rather than the value of the order.
Mohit Kumar, Co-founder & CEO, Roadrunnr, says, “Having seen on-demand delivery being a clear trend in India driven by the consumer’s desire for convenience and quality, we at Roadrunnr are committed to solving the hyper local logistics problem for merchants and online aggregators. Our services are asset light, involving no hubs or warehouses which allows a flexible model for both merchants and drivers. In a short span of time, we have been able to achieve delivery accuracy of close to 100% and have reached about 1500 orders a day.”
Sameer Brij Verma, Principal, Nexus Venture Partners, says, “Hyper-local logistics is a very complex math and operational problem to solve at scale. A robust blend of platform thinking along with exceptional operational execution are critical to provide fulfilment services for merchants / online aggregators in a scalable and cost effective manner. Roadrunnr’s team has that great mix for solving this problem and we are excited to partner with them.”
Adit Parekh, Principal, Blume Venture, says, “Hyper-local logistics due to time criticality and optimum routing challenges can be only solved through a technology platform approach. This augmented with excellent operation skills allows Roadrunnr to provide a simplified and cost effective fulfilment solution to local merchants and online aggregators. We are thrilled to partner with the RoadRunnr team in this endeavour. ”
“Roadrunnr has successfully simplified the challenges of on-demand delivery due to their focus on a streamlined and transparent platform. The company is poised to be an essential resource for merchants who are looking to make smart decisions with their businesses. With this funding, Roadrunnr will able to expand its network of merchants for online ordering and grow its business nationally”, adds Gautam Mago, Managing Director, Sequoia Capital India Advisors.
The company has previously raised seed funding from Nexus Venture Partners and Blume Ventures.
Roadrunnr was founded by Mohit Kumar and Arpit Dave who worked together at Flipkart. The team previously worked with Ola, Amazon and Flipkart. They are building a robust technology platform that enables handling logistics at scale and run operations in an efficient manner.