Existing investors Matrix Partners India, Stellaris Venture Partners and venture debt providers Alteria Capital also participated in this round.

The company said the funds will be used to deepen clientele, invest in technology as well as look at geographic expansion. It also plans to utilise the proceeds to expand its network and foray into sectors such as pharmaceuticals, fast moving consumer goods, and grocery for delivery of essentials.

“This investment is timely as it helps us deepen our engagement with clients and continue building capabilities through investments in technology, attracting the best talent, geographic expansion and undertaking new initiatives (especially, hyperlocal delivery and movement of essentials),” said Raghu Talluri, chief executive, LoadShare.

Over the past 12 months, the startup has created over 3,000 new jobs across its partner ecosystem and will continue focusing on this, he added.

LoadShare also helps small and medium enterprises (SME) in logistics with technology, operations know-how enabling them with a pan-India network.

“LoadShare is operating in a deep $20 billion addressable market, which is undergoing a fundamental change. LoadShare’s execution across different logistics segments, enabled by their tech enabled marketplace model working with SMEs makes it exciting for us to partner with them,” said Teruhide Sato, founder and managing partner, BEENEXT.

Over the last two years, LoadShare has increased its regional footprint beyond the northeast, where the company first started operations. It has expanded to 18 states and over 400 towns, with focus on eastern states.

Logistics – that comprises road transportation and trucking – is a $120 billion industry in India. Close to 70 percent of the total logistics operations in the country happen on the roads, nearly 40 lakh trucks. The coronavirus pandemic has hit the demand and business of close to 90 percent of these trucks. Essential items which are moving today only make up about 15 percent to 20 percent of the total industry.

“LoadShare is playing a very significant role in ensuring supply chain continuity in these uncertain times. With their unique technology-led model of working with local SME’s, they provide customers fantastic flexibility and reach at lower costs. These are important differentiators, especially in tier II, III, and IV cities – the next big growth market for most companies,” said Rajinder Balaraman, Director, Matrix India.

According to reports, the newly-secured capital will enable LoadShare to strengthen its leadership team and bolster its tech infrastructure, while also expanding its geographical footprint across the country.

As part of the latest funding round, Alok Goyal, a Partner at Stellaris Venture Partners, is set to join LoadShare’s board.

Commenting on the investment, Goyal said, “LoadShare is a unique opportunity to create an asset-less business in a massive, highly-fragmented, inefficient and a capital-intensive industry.”