91Trucks raises $5 million in Series A funding led by Arkam Ventures

(from left) 91 Truck founding team Vikas Sharma, Abhishek Gautam and Siddharth Sharma.

91Trucks, a full-stack platform for used commercial vehicles, has raised $5 million in a Series A funding round led by Arkam Ventures. The round also saw participation from Titan Capital Winners Fund, the growth arm of investor Titan Capital, along with Sparrow Capital and Atrium Angels.

The firm will use the funds to enhance omnichannel customer experience, set up 20 more retail outlets, strengthen product and technology capabilities,and scale its team, the company said in a statement on May 8.

"In the last two years, our revenue has grown by 8x and with this funding, we will accelerate our physical footprint across Tier 2 and 3 cities, invest in technology particularly in AI, and strengthen our team. We are thrilled to have Arkam as well as existing investors join us on this journey," 91Trucks CEO & co-founder Siddharth Sharma said.

Founded in October 2022 by Vikas Sharma, Abhishek Gautam and Siddharth Sharma, 91Trucks aims to organise India’s fragmented used commercial vehicle (CV) market by offering services across vehicle discovery, financing and post-purchase support.

It targets small fleet operators and first-time buyers, aiming to sell 10,000 commercial vehicles annually over the next three years.

The company operates both online and offline, with physical stores in Delhi and Gurugram.

India’s commercial vehicle market is estimated at $50 billion, with approximately 1.7 used CVs sold for every new vehicle. Despite this demand, the used segment remains largely informal and underserved.

The funding will support the company's expansion in Tier 2 and 3 cities, as well as further investments in technology, particularly in artificial intelligence (AI).

The firm raised its seed round in September 2023 with Rs 8 crore from Titan Capital, Sparrow Capital, and Atrium Angels.

"We are delighted to partner with a strong 91Trucks founding team that is using their past experiences to reimagine India’s used truck ecosystem via a tech-led full stack solution that eliminates massive inefficiencies.  Their ability to integrate technology with offline retail brings efficiency and trust to a market that has historically lacked both," Arkam Ventures managing director Bala Srinivasa said.