Vahak raises USD 14 mn in funding round

Vahak, a startup transportation services marketplace, announced on Tuesday that it has raised USD 14 million (approximately Rs 110 crore) in a funding round led by Nexus Venture Partners. Other investors in the Series A funding round included Fundamental, iSeed Ventures, Leo Capital, RTP Global, and Titan Capital, according to Vahak.

Since its first round of funding in March 2020, the company has raised a total of USD 20.3 million (nearly Rs 160 crore). According to the company, the funds will be used for rapid user growth, building a tech infrastructure with artificial intelligence, machine learning, and big data, and providing additional value-added services.

"We are now all set to scale our technology and operations to capture 10 of the Indian logistics market and go from 1.5 million users to 10 million users in the next one year. We plan on expanding rapidly, enabling millions of Indian transporters and businesses with the power of technology," Vahak CEO and Co-Founder Karan Shaha said.

Vahak has already integrated its platform with escrow payments and plans on bringing in services like insurance, GPS, spare part purchase very soon, he added.