Commercial vehicle startup 91Trucks raises $5 million from Arkam Ventures, existing investors
Commercial vehicle platform 91Trucks has raised $5 million Series A funding in a round led by early-stage venture capital firm Arkam Ventures . The round also saw existing investors Titan Capital Winners Fund (which doubled down on its investment), Sparrow Capital, and Atrium Angels participate.The funds will be used to expand 91Trucks' product and technology capabilities, scale up its team and open over 20 retail stores to increase its offline presence, according to a statement released by the company.Besides its core business of selling commercial vehicles, 91Trucks offers end-to-end support for used-truck buyers, such as providing access to financing, handling insurance, fitness checks, RTO transfers, and more.'Over 55% of CV sales in India comprise small commercial vehicles, primarily used for last-mile delivery and owned by small fleet owners and driver-operators. We are on a mission to organize and grow this segment,' Siddharth Sharma, CEO and cofounder of 91Trucks, said in the statement.'In the last two years, our revenue has grown 8x, and with this funding, we will accelerate our physical footprint across Tier 2 and 3 cities, invest in technology—particularly in AI—and strengthen our team,' he added.Founded in 2022, 91Trucks is India's youngest full-stack commercial vehicle platform and is looking to become a one-stop solution for all commercial vehicle needs. In the next three years, the company aims to sell 10,000 commercial vehicles annually.'India's logistics and transportation ecosystem comprises small fleet operators and driver-owners who move 80% of the country's goods, yet face persistent challenges in accessing high-quality used vehicles and financing,' said Bala Srinivasa, managing director at Arkam Ventures, which was founded in 2020.
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