Freight brokerage platform Lobb raises $2.9 million in funding

"The startup also plans to upgrade its technology by incorporating GenAI and machine learning to enhance its ability to fulfill orders efficiently"

Lobb, the Bengaluru-based, freight brokerage platform, has successfully raised funding in its latest investment round to expand its operations and enhance its technological infrastructure.

The funding round was led by a consortium of investors including Rajesh Voddiraju, Voya India's CEO Sharada Nandakumar, Divyasree Developers' Chairman P Shyama Raju, Ensoftek's President and CEO Ramana Reddy, and Intel Corp's Giri Pasumamula.

Lobb, founded by Venu Kondur, Hemanth G, and Jayaram Raju K in 2015, aims to streamline the logistics and transportation industry by connecting truckers and shippers through its digital platform. The startup leverages technology to optimize freight matching, thereby reducing inefficiencies and costs associated with traditional logistics processes.

Venu Kondur also expressed his opinions on the successful funding, “The latest round of funding will enable us to accelerate the technology-led growth and expand the reach, ensuring that we continue to deliver unparalleled value,” 

Lobb's platform offers features such as real-time tracking, automated freight matching, and digital documentation, catering to the needs of both truckers and shippers. By digitizing and automating various aspects of freight brokerage, Lobb aims to improve transparency, efficiency, and reliability in the logistics sector. Currently its operating in 22 cities, and aim to expand in future. 

Lobb intends to use the funds it raised to expand its operations across more than 50 regions, focusing on busy transportation routes. The startup also plans to upgrade its technology by incorporating GenAI and machine learning to enhance its ability to fulfill orders efficiently.

Anurag Ramdasan, Partner at 3one4 Capital, highlighted that Lobb has integrated with major oil companies for fuel, banks for FasTag services, and is working towards making annual insurance renewals and GPS navigation smoother for truck drivers. These initiatives aim to streamline logistics operations and improve overall efficiency for Lobb's users.