Venture capital firm Sequoia Capital India has topped up its investment in logistics-technology startup LocoNav.
LocoNav has raised $4 million (Rs 27.87 crore at the current exchange rate) as part of a Series B round of funding, Inc42 reported.
Queries sent to LocoNav founder Shridhar Gupta seeking further details did not elicit a response till the time of publishing this report.
The startup, which is operated by BT TechLabs Pvt. Ltd, had previously raised $3.5 million (Rs 24.37 crore) from Sequoia in 2017.
Earlier known as Baba Trucks, LocoNav was founded in 2015 by Gupta and Vidit Jain. The Delhi-based company says it provides proprietary technology solutions to help its clients manage and analyse their fleets, promising to reduce running costs and speed up turnarounds.
It provides services such as intelligent fleet tracking, vehicle security and diagnostics, among others. LocoNav claims to have a presence in more than 100 cities. It reported net sales of Rs 2.29 crore in the financial year 2017-18, according to VCCEdge, the data platform of Mosaic Digital.
There have been a number of investments in logistics-technology startups in the recent past, with companies looking to capitalise on providing integrated solutions to startups and bigger corporates. Many of them rely on algorithm-based offerings to differentiate themselves from the competition.
Earlier this week, VCCircle reported that Freight Tiger had secured $2 million (around Rs 14 crore) from Alsthom Industries Ltd, a cement grinding unit of Dalmia Cement (Bharat) Ltd.
Also this month, the Mara Labs Inc-run Locus raised $22 million (around Rs 196 crore) in its Series B round of funding led by Falcon Edge Capital and Tiger Global Management LLC.
In a big-ticket deal at the start of the month, BlackBuck closed its Series D round at $150 million to put it on the cusp of entering the unicorn club.
