Funds from the latest round will be used for ramping up the company’s tech backbone, expanding its marketing team as well as building partnerships with fleet owners.
Urban logistics services firm Mojro has raised $650,000 (Rs 4.23 crore) in its pre-Series A round led by equity crowdfunding platform 1Crowd.
In a press release, the two-year-old startup said the round also saw the participation of others including Tamil Nadu-based diversified business group Naga Limited.
The technology platform of Bengaluru-based Mojro helps fleet owners with organising capacity, route planning, fleet supply and operations, and others.
Funds from the latest round will be used for ramping up the company’s tech backbone, expanding its marketing team as well as building partnerships with fleet owners, the press release added.
On the investment, Anup Kuruvilla, co-founder of 1Crowd, said, “The company (legal name Mojro Technologies Pvt. Ltd) helps fleet owners maximise the benefits from their assets.”
Launched in 2015, Mumbai-based 1Crowd is an equity crowdfunding platform whose angel investors include Ganesh Natarajan, chairman, 5F World; Aniruddha Malpani, an IVF (in vitro fertilisation) specialist; and Krishnakumar Natarajan, co-founder, and executive chairman, Mindtree. Other angel investors on the platform include MA Ravi Kumar, former CEO, American India Foundation; Venkat Srinivasan, a serial entrepreneur based in Boston; and Vivek Sharma, CEO of a pharma services company based in Boston.