Published On:September 2 2015
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Logistics company FastOx eyes Rs. 65 crore funding.
Logistics company FastOx is aiming to expand to 15 Indian cities, from five now, as it tries to cash in on the opportunities thrown up by the rapid growth of the consumer internet sector. Based in Delhi and founded by Duke University graduate Marc Mihir Tandon, FastOx is seeking funding of $10 million (Rs. 65 crore) to help fund its expansion plan.
'Last-mile delivery continues to be a pain point for most operators, and through the use of technology we're looking to provide seamless solutions,' said 26-year-old Tandon. Over the last few years, technology-driven delivery and logistics ventures such as Delhivery, GoJavas and Ecom Express, have stolen a march over their older and more stablished rivals, given their focus on catering to the ecommerce sector.
'We aren't a vertical-focussed operator, unlike a lot of the current players. We cater to various sectors, such as ecommerce, food and corporate catering,' Tandon said. Bootstrapped so far, the startup operates in the Delhi-NCR region, Mumbai, Jaipur, Kanpur and Lucknow.