Hyperlocal Logistics Company Grab raises funds worth $1.5 millionFebruary 19, 2018
Coming into view, the emerging logistics company, Grab, have recently received heavy government investment backing from Small Industries Development Bank of India’s wholly owned subsidiary, SIDBI Venture Capital Limited. Pratish Sanghvi, the co-founder of Grab, said that this funding of $1.5million is detrimental to their growth as the company is currently working on a crowdsourcing distribution model. SIDBI has joined a list of their big investors including Aramex, Zomato, Sixth Sense Ventures and Oliphans Capital. In spite of the hyperlocal delivery space being overcrowded, Grab was a prominent player for SIDBI to consider because of its sector-agnostic approach and its high chances of being EBITDA positive.
Providing hyperlocal and intracity logistics services to businesses including restaurants, food tech platforms, pharmacies and banks, Grab was once only doing food deliveries, being known as Grab-A- Grub. ABND had worked on the brand’s identity when they wanted to expand from being a food delivery startup to an all-encompassing hyperlocal logistics company. Changing from Grab-A- Grub to Grab, their rebranding made for a more sharper and agile brand. To know more Click Here