Location analytics startup Locale.ai on Monday said it has raised a pre-seed round of funding led by early-stage venture firm Better Capital.
The funding round also saw participation from notable angel investors such as Myntra's co-founder Raveen Sastry and Fusion Charts' co-founder Pallav Nadhani, Locale.ai said in a statement.
The company will use the fresh capital to scale up its business and expand globally, primarily in the US.
Locale.ai, operated by LocateAI Technologies Pvt. Ltd, was founded by Rishabh Jain and Aditi Sinha last year. The startup aims to help companies engaged in moving assets to get more sustainable demand using real-time location data and analytics. It is already working with mobility and delivery companies in the US, France, Argentina and India.
Aditi Sinha, co-founder at Locale.ai, said the startup enables companies to bring down their customer acquisition cost by expanding in areas based on latent demand. It also helps its clients reduce user churn and increase existing customer revenue by doing geo-targeting based on users they move and where they order from, she added.
The co-founders had worked at Singapore-based IT and services company Atlan previously, according to their LinkedIn profiles.
Vaibhav Domkundwar, founder and CEO at Better Capital, said in a statement that Locale.ai is the fastest way for any company to convert location data into easily searchable intelligence and the right insights.
Better Capital is a seed fund that has invested in startups such as financial technology startups Open and Khatabook and e-mobility startup Yulu.
Last week, Better Capital led an investment in Penbound Partners Pvt. Ltd, which operates mobile-based multimedia interactive platform Plop.
Last month, Better Capital along with other investors invested in SME-focussed fintech firm Rupifi.
In December last year, Better Capital bet on Bijak, a business-to-business agricultural trade platform that allows traders.