Internet of things-based logistics startup Intugine Technologies Pvt. Ltd has raised capital from Inflection Point Ventures, an investment initiative floated by a group of chief financial officers and finance professionals working at Indian startups.
Intugine says it is developing technological infrastructure for transportation to make marketplace fleet tracking cheaper and more efficient. Company co-founder Harshit Shrivastava said in a statement the Intugine platform can track, model and predict the behaviour of third-party vehicles hired by various clients of the logistics industry.
“At Intugine, we are working towards digitising the highly unorganised logistics space,” Shrivastava said, adding that the reach of IP Ventures’ network would help it grow rapidly in the next few years. He didn’t disclose the amount of money the startup raised.
IP Ventures angel investor Anuvrat Joshi said Intugine was in a position to streamline the unorganised logistics sector through its software and analytics as well as its cost-effective hardware. “The market potential is massive since offering customers visibility and the ability to optimise their logistics is a game changer in this industry,” Joshi added.
Founded in 2013, Intugine says it differentiates itself from its competition by targeting the demand side of the logistics equation rather than the supply side. The Bengaluru-based startup says it uses its software and sensors to help logistics clients achieve greater cost efficiency as well as making marketplace fleet tracking easier.
According to its website, the company offers products such as a portable global system for mobile tracker, a cell tracking device and a smartphone application, among others.
Founded in 2017, IP Ventures is a sub-initiative of CXO Genie, a networking platform for executives. Its founding members include former Myntra CFO Dipanjan Basu and BookMyShow finance head Mitesh Shah.
Last month, the group invested an undisclosed amount in industrial IoT startup Syook, which provides real-time micro-locations for people and other important assets in sectors such as defence, automobile, healthcare, manufacturing and education.
The IoT segment in India has been the object of investor interest in recent months, with many companies and investment firms looking to capitalise on organisations’ needs to automate their processes and increase productivity.
Earlier this week, logistics-technology startup Freight Tiger said it had raised around Rs 55 crore in a funding round led by existing investor Lightspeed Venture Partners. In May, TVS Motor Co. Ltd invested nearly Rs 27 crore in machine learning company Tagbox Solutions as part of a Series A funding round.
In April, Altizon Systems Pvt. Ltd, which operates a platform to develop solutions based on industrial Internet of Things, raised around Rs 49 crore in its Series A round of funding.