Holisol, India's leading exchange-to-exchange tech-enabled supply chain solutions company, said it has raised USD 3 million from digital debt platform Northern Arc Capital, to scale up its network across the country.
"This is the fifth round of fund raise for Holisol," the company said in a statement.
The first angel round happened in 2013, raising USD 1.5 million from Sundeep Bhandari-promoted Datavision Systems Pvt Ltd. In 2015, Holisol raised USD 10 million from CLSA Capital Partners; and in 2017, CLSA did a follow-on round of USD 10 million; followed by USD 2.74 million debt from Black Soil in 2019.
"Holisol has been consistently witnessing a surge in demand from its customers for its reliable digitised fulfilment services, and the new round of fund raise will help in fulfilling this demand and accelerate its growth further," the statement said.
The company is looking to double its revenue in the current year on the strength of strong demand pipeline from its existing and new customers.
Holisol offers multi-channel fulfilment solutions for B2C and B2B businesses spanning across retail, fashion, lifestyle, FMCG, online marketplaces and auto industries. It also provides integrated packaging, logistics and returnable solutions to automobile, farm equipment and heavy engineering businesses.
It has a pan-India presence and manages close to one million square feet of fulfilment space spread across over 25 fulfilment centres (FCs), more than 60 hyperlocal fulfilment centres (HFCs) and over 30 integrated packaging sites.
Northern Arc has been at the forefront of fighting the economic and social impact of the pandemic. It has disbursed over Rs 3,500 crores (USD 500 million) over the last financial year to underbanked MSMEs, households, financial institutions, and mid-market corporates.
Commenting on the debt fundraise, Holisol Logistics co-founder and Managing Director Rahul S Dogar said, "We are highly enthused of partnership with Northern Arc on our journey to get closer to our mission of setting up 100 fulfilment centres and 800 HFCs to create a seamlessly connected logistics super grid by 2025 and enable customer success through our platform."
Northern Arc Chief Operating Officer Bama Balakrishnan said, "Northern Arc is committed to supporting mid-market companies in India through customised debt solutions suiting their business requirements."
He added that logistics as a sector has shown tremendous resilience despite significant disruptions on account of COVID-19 and is "one of our focus sectors for the mid-market business".
Holisol, co-founded in June 2009 by Rahul S Dogar, Naveen Rawat and Manish Ahuja, has a workforce of over 200.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)