Bangalore-based enterprise mobility solutions company Nivaata Systems Pvt Ltd, which operates under the brand Verayu, a location intelligence platform for enterprises, has received an undisclosed amount in pre-Series A round of funding led by Vamm Capital, an investment and real estate firm in Dubai, with participation from existing investor Blume Ventures.
"We've made great progress over the past one year as evidenced by the consistent growth achieved by our location-as-a-service platform, Verayu. This round of financing will be instrumental as we continue to invest in our infrastructure, people, verticalised products and customer acquisition in order to further fuel our growth," said Sriram Kanan, CEO and founder of Verayu.
Last October, Techcircle.in had first reported that Verayu was in advanced talks with a few investors, including US-based VC firm Mayfield Fund to raise up to $4 million in its Series A round of funding.
Prior to this transaction, Nivaata had raised around $1 million in multiple rounds of funding from Blume and others.
Nivaata was founded in 2007 by Kannan, a computer science engineer. Prior to setting up Nivaata, he had worked at i2i TeleSolutions and Texas Instruments. Nivaata mainly works in areas of route planning and tracking. In addition, it helps organisations automate and optimise distribution and planning, transportation, asset monitoring, logistics and sales force effectiveness.
The app is used by employees of various business process outsourcing (BPO) firms and cab drivers to find out each other's location. The system can also be programmed to send out text message alerts to families of employees about their locations.
Nivaata also offers a GPS tracking device called Yantra.
Nivaata mainly competes with MoveInSync, which had netted $5 million in its Series A round of funding led by Inventus Capital Partners with participation from Qualcomm Ventures and Saama Capital, a few months ago. Cubito is another venture operating in the same space that had also raised under $165,000 in funding last year.
"Nivaata's IP based products and the deep industry expertise of the founding team members has enabled it to rapidly grow revenues. With its proven business model, Nivaata is successfully meeting client needs and exceeding client expectations across a broad array of industry verticals including logistics, retail, transportation and technology," said Ajay Malhotra of Vamm.
"We're happy with the rate at which Sriram and his team have improved upon Nivaata's business model, enabling more and more enterprises to automate, analyse and optimise key business areas such as sales force effectiveness, transport automation, asset monitoring, logistics, distribution & planning said," said Karthik Reddy, managing partner at Blume.
"Having worked in close partnership with the management team, we have gained great appreciation for the strength of Nivaata, the quality of its people and its potential for further growth," said Naresh Malhotra, director of Modern Family Doctor, and an angel investor in Nivaata.
(Edited by Joby Puthuparampil Johnson)