Startup Funding – Integene: Amid rapidly emerging technologies, new business opportunities are emerging in all traditional sectors, from which the logistics sector is no exception. The Indian logistics sector has also witnessed many changes with the changing times, which has given rise to startups operating in new dimensions related to the respective sectors.
Now Internet of Things (IoT)-based logistics startup Intugine has raised $2.2 million (around ₹19 crore) in its pre-Series A funding round.
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This funding round for the company was led by Mela Ventures. Along with this, some individual investors like Harsh Shah (Find), Anshul Rai (Hape), Kashyap Devrah (HyperTrack) and existing investor Kanav Hasija (InnoAccur) also registered in this round along with Kalesuwari Group and Innoport.
The funds raised will be used by the Bengaluru-based company primarily for its geographical expansion and enhancing its product portfolio.
Intugene was started by Harshit Srivastava, Ayush Agrawal and Mrinal Rai.
We can see it as a real-time multimodal supply chain visibility startup that enables businesses to digitize and manage their logistics operations. With this, businesses can track their shipments across full truckloads, partial truckloads, ocean and rail transportation, etc.
The company claims that it currently tracks more than 10 million shipments on its platform for more than 75 global customers belonging to the chemical, automotive, construction materials, FMCG, retail and e-commerce industries, etc.
Its client list also includes big names like Titan, Ultratech Cement, Flipkart and Mahindra Logistics.
According to the company, it has enabled businesses to reduce excess inventory by more than 30% thanks to its best-in-class solutions.
Meanwhile, the company’s co-founder Harshit said about the new investment;
“Industrial supply chains are moving to support universal (online + offline) procurement and distribution. That’s why we’ve created a platform that gives businesses more control over their logistics operations, while also providing end-to-end visibility into their shipments.”
Talking about Mela Ventures, it was started by Parthasarathy NS and Krishnakumar Natarajan, founders of Mindtree, a well-known software services company.
Let us inform you that in early 2019, the company also received investment from Inflection Point Ventures.