Portfolio Spotlight: Fullfily

Startup Spotlights

Vertical: Logistics/Supply Chain

Market: India


Fundraising: $2 Million

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Making the city eco-friendly, one delivery at a time. Get to know Ashok Viswanathan, CEO and founder of Fullfily, as he shares how he creates sustainable solutions through intra-city deliveries.

Fulfilly is an electric vehicle (EV) based green mobility solution for businesses to carry out their deliveries in the last mile segment.

What problem is Fullfily solving?

Fullfily is bringing down the cost of logistics by up to 40% and the emissions generated by logistics by up to 60%.

What products does Fullfily offer?

We offer a fleet of electric vehicles, which includes electric scooters, electric tuk-tuks, and electric vans, and we are also building our infrastructure, like battery swapping stations, service stations, and charging stations, for these electric vehicles.

fullfily eco trucks lined up for delivery

Why did you decide to founder Fullfily?

We decided to start Fullfully because we were all impacted by carbon emissions. You go out onto the streets and you see a lot of smoke coming out of vehicles, and it's impacting the planet and all of us on a day-to-day basis. On a personal front, we are also impacted by the cost of logistics, which further brings up the consumer prices of goods.

Who is your founding team, and what are your professional backgrounds?

We are full co-founders here at Fulfillly. I am in charge of handling the entire organization, especially the GTM. I've got around eight years of experience; I've worked with NASDAQ-listed companies like Make My Trip and Fresh Works; and I've been an out-and-out revenue guy. The other three co-founders, two of whom come in with core logistics backgrounds; one of my co-founders, Ranjit, had previously sold a startup prior to Covert and it was acquired by a larger entity; and I've got a CTO who's built out my Tech from scratch and he's worked with companies like Amazon and McKenzie.

Why is your team uniquely positioned to grow and deliver the solution?

We've got the right set of skills, the right knowledge, and the experience to handle a logistics-based startup. We've got two Logistics guys who have lived and treated Logistics in their careers. We've got a CTO who's absolutely incredible at building a tech stack. I've got experience handling revenue-generating teams, and we're absolutely smashing it together.

Ashok Viswanathan presenting in Accelerating Asia

What countries do you currently operate in? What is your market reach?

We are currently active in India, and the market size in India is so huge that we have to focus on India before moving to other Emerging markets, which is part of the pipeline going forward, but right now India is absolutely keeping us busy, and we're very bullish about the market.

What is the current market and its potential?

The market size currently in India for Last Mile Logistics is estimated at $30 Billion, and it's expected to grow multi-fold in the next half a decade. We are looking at a serviceable addressable market of up to $15 Billion with what we have right now.

How is the logistics industry growing?

The logistics and supply chain industry is growing enormously; it's got fantastic potential, and we're very bullish about it. With regards to EV-based logistics, I guess that's the future; that's where a lot of companies are transitioning instead of using Legacy players or fuel-based operators, and we don't see it slowing down anytime soon.

Ashok Viswanathan of Fullfilly, part of Accelerating Asia Cohort 8

How will your startup capitalize on the market’s growth?

Fullfily is going to be capitalizing on the market growth because, as you know, adoption of electric vehicles and greener mobility solutions is absolutely essential. We are, you know, getting sped up with the aid of like government regulations and companies green mandates and their necessity to cut down on the cost of logistics and carbon emissions, so we are adding a huge fleet size, we are, you know, building out like a lot of infrastructure, and we're setting up the proper groundwork to, you know, grow multi-fold in the next half a decade.

What is your revenue/business model?

We've got multiple streams of revenue; we've got a subscription-based delivery platform; we have revenue coming in on a per-order basis; we do concierge pickup and drop services; and we are currently generating $100,000 in monthly recurring revenue.

What is your current traction to date?

We're clocking $100,000 of monthly revenue, we're growing 30% month on month, and we've got a signed value, which will take us to $700,000 of monthly Revenue by December 23.

Ashok Viswanathan, Fullfily interview with Accelerating Asia

Where do you see your startup in the next 6-12 months?

We see Fullfily growing to multiple cities in India, growing to a fleet size of up to 2,500 vehicles, and clocking around $1.5 Million of monthly revenue. 

Is Fullfily currently fundraising, and if so, how much?

We are raising $2 Million, and we've got commitments for $1.5 Million from Marquee VCS and syndicates, and this will get us to around 18 months of Runway, and we'll be covering multiple cities with this fundraise.

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