New Delhi: Bengaluru-based tech-enabled EV fleet and fulfilment infrastructure platform TOCAL announced on Monday that it has secured Rs 9 crore in funding, with the round led by XB Group, the parent group of K-Indev Logistics. The company said the capital will go towards expanding its operations and setting up new fulfilment centres.
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According to the company, XB Group anchored the round with a commitment of Rs 8.5 crore, with the remaining amount coming from family office Navyug Global Ventures and high-net-worth individual investor Nivetha Muralidharan.
TOCAL said the round also formalises a strategic collaboration with K-Indev Logistics, under which the two companies will work to build an integrated logistics platform combining EV-powered last-mile delivery, fulfilment infrastructure and pan-India logistics capabilities.
Founded by Dhairyasheel Deshmukh, TOCAL currently operates in Bengaluru, where it runs technology-enabled EV fleet operations and last-mile delivery services catering to e-commerce, quick commerce and direct-to-consumer (D2C) brands, the company said.
Speaking on the partnership, Deshmukh, founder and CEO of TOCAL, said, "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."
Under the arrangement, TOCAL said K-Indev Logistics will bring its experience in micro-warehousing, nationwide logistics operations and enterprise relationships to the platform, while TOCAL will contribute its EV fleet operations, hyperlocal delivery capabilities, driver network and proprietary technology.
The company said the investment proceeds will be deployed to expand operations into major metropolitan cities beyond Bengaluru, set up fulfilment centres at strategic locations, scale up its EV fleet and operational infrastructure, upgrade its fleet, warehouse and order management technology, and strengthen enterprise sales and strategic partnerships.
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Over the next four to five years, TOCAL said it is targeting an expansion to more than 15 cities, deployment of over 20,000 electric vehicles, operation of 75 fulfilment centres, and partnerships with more than 1,000 brands.