US investment firm Tiger Global has led $18.85 million (around Rs 156 crore) investment in IoT startup Infinite Uptime.
The Pune and California-based company’s existing investors GSR Ventures, VenturEast, Mayfield, and Japanese firm THK also participated in the extended Series B funding exercise.
Infinite Uptime raised $5.15 million (around Rs 38 crore then) in its Series B funding round led by Ventureast in December 2020. Earlier in July 2018, the company raised $5 million (Rs 34.5 crore then) in a Series A funding round from Mayfield, IL&FS, and GSR Ventures, among others. It is also backed by Belgium-based innovative impact investor, Kois.
Infinite Uptime is looking to further strengthen its global market share and improve value delivery and service quality across industry segments with the latest fundraise.
“This investment is a strong validation of our business strategy and growth potential,” said Raunak Bhinge, founder and chief executive officer of Infinite Uptime. “This will enable us to invest heavily into fundamental research and product development, expand our capabilities and overall expertise, helping us deliver more value and exceed the needs of our customers in an ever-evolving market.”
Founded in 2015 by Bhinge, an alumnus of IIT-Madras and the University of California, Infinite Uptime specializes in providing solutions to process and manufacturing companies. Its primary offering is Industrial Data Enabler (IDE), which uses both proprietary hardware and software to let businesses monitor their machinery in real time to reduce downtime and maximize operational efficiency.
Infinite Uptime claims to be serving over 300 customers globally, including Vedanta Group, JSW Group, Tata Group, THK, Schlumberger, Marubeni Group, Ceat Tyres, Aditya Birla Group and Coca-Cola.
“Infinite Uptime has helped their manufacturing partners see improved plant reliability, production volume, and overall efficiency,” said Griffin Schroeder, partner at Tiger Global Management.
Tiger Global’s investment in Infinite Uptime comes at a time when the investor has massively slowed down on its bets in India. From being one of the most active investors in India’s startup ecosystem, it has reduced its number of bets significantly, with Infinite Uptime being just its second investment of the year. It had previously invested in PhonePe’s ongoing fundraise.