Tech-enabled EV fleet and fulfillment infrastructure platform TOCAL on Monday said it has raised ₹ 9 crore in a funding round led by XB Group, the parent group of K-Indev Logistics, for expanding operations and setting up fulfillment centres.
EV Logistics Startup TOCAL Raises ₹9 cr to Drive EV Fleet, Fulfillment Expansion
The investment round was led by XB Group with a commitment of ₹ 8.5 crore along with participation from Navyug Global Ventures, a family office, and Nivetha Muralidharan, an HNI investor, the company said
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The investment round was led by XB Group with a commitment of ₹ 8.5 crore along with participation from Navyug Global Ventures, a family office, and Nivetha Muralidharan, an HNI investor, the company said.
The funding also marks the beginning of a strategic collaboration between TOCAL and K-Indev Logistics to build an integrated logistics platform that combines EV-powered last-mile delivery, fulfilment infrastructure and nationwide logistics capabilities, it said.
Founded by Dhairyasheel Deshmukh, TOCAL currently operates in Bengaluru, enabling sustainable logistics through technology-enabled EV fleet operations and last-mile delivery services for e-commerce, quick commerce and direct-to-consumer (D2C) brands, it added.
"Together with K-Indev Logistics, we are creating an integrated platform that combines fulfilment through strategically located micro-warehouses with a tech-enabled EV fleet to support the next phase of India's commerce growth," said Deshmukh, founder & CEO of TOCAL.
As part of the partnership, K-Indev Logistics will contribute its expertise in micro-warehousing, nationwide logistics operations and enterprise relationships, while TOCAL will strengthen the platform through its EV fleet operations, hyperlocal delivery capabilities, driver network and proprietary technology, the company said.
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The investment proceeds will be used for expanding operations beyond Bengaluru into major metropolitan cities, establishing strategically located fulfilment centres, scaling up the company's EV fleet and operational infrastructure, enhancing fleet, warehouse and order management technology, besides strengthening enterprise sales and strategic partnerships, it said.
Over the next 4-5 years, the company said it aims to expand to more than 15 cities, deploy over 20,000 electric vehicles, operate 75 fulfilment centres, and partner with over 1,000 brands