Catbus Infolabs, which owns and operates asset-light logistics services provider Blowhorn, has raised venture debt financing from Trifecta Capital, the Bengaluru-headquartered company announced on Wednesday.
The six-year-old company, which counts the likes of Chiratae Ventures, Draper Associates, Michael and Susan Dell Foundation and Unitus Ventures among its list of investors, will use the proceeds from the specialty debt financing round to achieve profitability by the end of the ongoing financial year, it said in a prepared statement.
It, however, did not disclose the amount raised from Trifecta Capital. Founded by Mithun Srivatsa and Nikhil Shivaprasad in 2014, Blowhorn competes with the likes of Prosus Ventures-backed Elasticrun and Bertelsmann India Investments and Fosun RZ Capital-backed LetsTransport. It claims to have raised less than $10 million in equity financing till date.
“Blowhorn is building a fast-growing business in a space that is seeing even greater interest in times of Covid-19. Given its focus on intra-city logistics and depth of fulfilment capabilities, the company is able to support a wide spectrum of customers in these challenging times,” Rahul Khanna, managing partner at Trifecta Capital, said.
The startup currently has about 40,000 drivers on board and provides fulfilment and full API integrated delivery services, according to the official statement.
“Having tracked this space for some time, we believe that Blowhorn’s technology leadership combined with a capital efficient model will enable it to scale into a profitable, highly defensible national player in full stack logistics,” Trifecta’s Khanna said.
The company’s last reported fundraising round took place in September, when it secured an undisclosed sum of capital from Venture Catalysts, impact investor James Lee Sorenson, and Japanese venture capital firm Dream Incubator, according to a report by VCCircle.
Trifecta Capital is one of the largest players in the emerging venture debt asset class in India, having backed a number of prominent companies that have come out from the Indian startup ecosystem. The venture debt provider’s portfolio has included the likes of BigBasket, Rivigo, Urban Company and Blackbuck, among others.
“We are thrilled to have Trifecta Capital invest in Blowhorn. Trifecta Capital is an extremely selective capital allocator,” Srivatsa said.