Mumbai-based DTC Technologies Pvt Ltd, which operates BoxMySpace, has raised funds in a pre-Series A round from a clutch of investors including the existing one.
The investors who participated in this round includes R. Jayakumar, Founder and MD of Jayem Group; Vaibhav Vohra, Director of Continental Carriers; Aditya Vazirani, VP – Strategy, Quality & Operations at Robinsons Global; Rhea Vazirani, Director of Robinsons Global; logistics player AVN Business Solutions; and Dreamweaver Investments and Business Solutions. Existing Investor Satveer Singh Thakral (Singapore Angel Network) also participated in the round.
The funding amount remains undisclosed however, the firm will use it to boost operations, enhance technology and strengthen the back-end infrastructure for building a network of warehouses, and supporting logistics services across multiple cities.
Commenting on the development, Vibhor Kedia, VP – Investment Banking at JRL Financial Services said, “This is a one-of-its-kind transaction wherein multiple players from the industry and from different geographies of the country have invested in a new generation business creating a sort of healthy unification between the traditional and new generation businesses.”
Founded in January 2015 by Pratyush Jalan, BoxMySpace is an online platform that offers end-to-end logistics solutions to businesses as well as e-sellers across diverse sectors. The platform serves as an aggregator of non-monetised warehouse spaces, which are then used to provide flexible and cost-effective storage to companies and businesses. Currently, it operates in Bengaluru, Mumbai, Pune, Delhi NCR and Kolkata, and claims to have served over 500 customers and aggregated more than 100K square feet warehouse space across India.
With the latest round of funding, Jalan looks to onboard logistic veterans from around the country, as part of his efforts to expand BoxMySpace’s geographical reach. He said, “Onboarding logistic veterans will bring in humongous value proposition in terms of geographical reach and implementation of business process.”
Earlier in 2015, the startup had raised Rs 1.92 crore in seed-round from Farooq Oomerbhoy, co-founder of Orios Venture Partners, Singapore Angel Network and Ritesh Veera.
In online warehousing ecosystem, BoxMySpace competes with Rivigo, Zebroads and Blackbuk to name a few.