91Trucks Secures $5 Million in Series A Funding
91Trucks, a digital hub for commercial vehicle listings, has successfully raised Rs 42.9 crore (approximately $5 million) in its Series A funding round. This funding was spearheaded by Arkam Ventures, in conjunction with the Unitary Fund, alongside contributions from Titan Capital, Sparrow Capital, and Atrium Angels.
The board of 91Trucks has approved the issuance of 2,247 Series A Compulsorily Convertible Preference Shares (CCPS), priced at Rs 1,88,578 each, as indicated by regulatory filings reviewed from the Registrar of Companies (RoC).
Funding Breakdown
Leading this funding round, Arkam Ventures contributed Rs 25.2 crore (around $3 million), while Titan Capital invested Rs 15 crore. Additionally, Sparrow Capital and Atrium Angels participated with investments of Rs 1.73 crore and Rs 1 crore, respectively.
This development was first reported by Startup Superb last month and highlights the ongoing interest in 91Trucks.
Utilization of Funds
The capital raised will primarily focus on capital expenditures, marketing efforts, and general corporate objectives, as per the regulatory filings.
Company Valuation Surge
According to estimates from Startup Superb, the valuation of 91Trucks, based in Gurugram, has increased 5.5 times, reaching a total of Rs 280 crore or $33 million after the Series A round, a significant leap from Rs 50.47 crore during its seed round.
91Trucks Overview
Established in 2022, 91Trucks provides comprehensive information on both new and pre-owned trucks, buses, and auto rickshaws, detailing prices, specifications, comparisons, and dealer contacts. In addition, the platform operates five physical stores located in Delhi-NCR and Meerut, enhancing access for affordable used vehicle purchases.
Stake Distribution
Data from various startup platforms indicate that Arkam Ventures holds the largest external share in 91Trucks, with a 9% stake, followed by Titan Capital at 5.35% and Sparrow Capital at 4.94%.
Financial Performance
For the fiscal year ending March 2024, 91Trucks reported revenues of Rs 10.11 crore, up from Rs 3.95 crore in FY23. Regarding profitability, the company’s losses were recorded at less than Rs 1 crore, and it has yet to disclose financial data for FY25.