Corvus Ventures backs online relocation platform Flytta

Hyderabad-based Flytta Innovations Pvt. Ltd, which operates an online relocation platform, has raised an undisclosed amount in a seed funding round from Corvus Ventures.

The startup will use the funds to form alliances with more corporates and create targeted relocation offerings, it said in a statement.

“For corporates, relocation is a time-consuming process. Flytta offers an easy relocation solution," said Mahesh Reddy, MD of Corvus Ventures.

Incubated by Nasscom 10K Startups, Flytta was started by Rahul Kanuganti and Gokulavasan Murali in January 2016.

Kanuganti previously worked as vice president of October Sky, a chapter of US-based National Space Society. Murali is a computer science graduate from Hindustan College of Engineering, Chennai.

So far, Flytta claims to have helped over 500 employees relocate to Hyderabad from cities such as Kolkata, Chennai, Delhi, Pune and Bengaluru. It is also the relocation partner for more than six corporates belonging to IT, healthcare and banking sectors.

Last week, Hyderabad-based Corvus Ventures led a pre-Series A round in Kartha Techno Logistics Pvt. Ltd, which runs hyper-local logistics platform VDeliver.

The relocation industry in India is valued at Rs 6,000 crore and is expected to grow by 20% annually, according to Flytta.

Over the last couple of years, a bunch of tech startups has come up in the relocation services space. Among these, Pikkol, Moovo, BlackBuck and Rivigo, among others, have raised funding from venture capital investors.

This year, Tiger Global-backed Zinka Logistics Solutions Pvt. Ltd, which operates business-to-business logistics startup BlackBuck, raised $70 million (Rs 476 crore) in a Series C funding round led by Sands Capital. Existing investors Accel Partners and Flipkart also participated in the round.

Gurgaon-based logistics services provider TrucksFirst Services Pvt. Ltd, which operates Rivigo, secured $75 million (Rs 500 crore) from private equity firm Warburg Pincus in a Series C round, in November last year.

In October, Bengaluru-based relocation service provider Pikkol received seed funding from a group of angel investors, including Ajay Nanavati, former chairman of 3M India, the Indian arm of US multinational conglomerate 3M Co. and Afsal Salu, co-founder of hyperlocal delivery company Delyver, which was acquired by BigBasket.

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