Introduction to 91Trucks
91Trucks, a full-stack commercial vehicle platform, has successfully raised $5 million in a Series A funding round. This funding round was led by Arkam Ventures, with additional participation from Titan Capital Winners Fund, Sparrow Capital, and Atrium Angels. The raised capital will be utilized to enhance the company’s technology and product suite, expand its team, and establish a stronger offline presence by setting up over 20 retail stores across Tier 2 and Tier 3 cities.
What is 91Trucks?
91Trucks is a startup founded in 2022 by Siddharth Sharma, Vikas Sharma, and Abhishek Gautam. It operates a phygital platform that caters to small fleet owners and first-time buyers of commercial vehicles. The platform offers end-to-end services, including vehicle discovery, financing, and post-purchase support such as insurance, fitness checks, RTO transfers, and access to affordable service infrastructure.
Mission and Objective
The company aims to organize and grow the small commercial vehicle segment, which accounts for over 55% of commercial vehicle sales in India. According to Siddharth Sharma, co-founder and CEO of 91Trucks, "We are building a full-stack platform for fleet operators, removing the existing frictions plaguing the CV industry." The company is on a mission to make the commercial vehicle industry more efficient and accessible for small fleet owners and driver operators.
Expansion Plans
Currently, 91Trucks operates seven offline stores across Delhi, Gurgaon, Faridabad, Meerut, and Jaipur. With the raised funds, the company plans to expand its presence to new markets such as Hyderabad, Bengaluru, Bhubaneswar, and the Northeast. Over the next three years, 91Trucks aims to scale its annual sales to 10,000 vehicles, establishing itself as a leading player in the commercial vehicle industry.
Investor Insights
Bala Srinivasa, Managing Director at Arkam Ventures, commented, "As India aims to become an $8 trillion economy, logistics will play a vital role in this expansion, driven by trends like quick commerce." Shiv Kapoor, Vice President at Titan Capital Winners Fund, added, "91Trucks is approaching this big market with a phygital solution, which fits well for India. Their ability to build a trusted brand in this space will give them the right to offer not just vehicles but allied services in a one-stop shop approach."
Conclusion
In conclusion, 91Trucks has made significant progress in the commercial vehicle industry with its phygital platform and end-to-end services. With the raised funds, the company is poised for expansion and growth, aiming to establish itself as a leading player in the industry. As the commercial vehicle market continues to evolve, 91Trucks is well-positioned to capitalize on the growing demand for efficient and accessible commercial vehicle solutions. With its strong mission and objective, the company is likely to make a significant impact in the industry, providing benefits to small fleet owners and driver operators across India.
