Bangalore-based Neocube Technology Solutions Pvt Ltd, which owns and operates transport software solutions provider Cubito, has raised $160,000 (Rs 1 crore) in a seed round of funding led by early stage investor Sol Primero. Amit Khaitan, director of finance at CISCO, and a part of the entrepreneurship network at BITS Pilani, also participated in the round.
As part of the deal, Presha Paragash, co-founder of Sol Primero will join the board of the company.
It will use the funds for enhancing technology and expanding across verticals.
"Cubito has the ability to take logistics management both on the employee transportation side and last mile delivery to the next level using the technology that it has developed," said Paragash.
"Cubito is at a good growth curve and things look promising for the company, considering the market trends and needs," added Phanindra Sama, co-founder, redBus.in, who has been associated with the startup as a mentor.
The startup was set up in 2012 by BITS Pilani alumni Yash Patodia and Pranay Agarwal as a shared cab service for corporate employees. The company pivoted its business model in September last year and has now become a provider of software solution to enterprises for employee transportation.
It has a flagship product Employee Transportation Automation Tool
(ETAT) which compiles employee information, geo-codes the data and allocates the fleet. Users can track the whereabouts of the vehicle in real time and also monitor things like the speed maintained and off-routing, if any.
It is currently working with four companies, including Air India. Besides Bangalore, Cubito is operational in Mumbai and Delhi.
Sol Primero previously invested in companies like Zostel, Ridingo, Curofy and Smart Pocket.
(Edited by Joby Puthuparampil Johnson)