Bangalore-based IT and services startup Retigence Technologies has raised an undisclosed amount from early-stage agri-tech focused investment fund Omnivore Partners in lieu of a minority stake, according to a statement.
The funding received would be utilised by Retigence for research and development efforts, launching new products and targeting clients globally.
Founded in 2010 by Srinibas Behera and Pramod Mishra, Retigence provides business intelligence solutions for retail chains through inventory optimisation system. It has developed software that solves the over-stocking and stock-out situations in the retail industry.
The company's flagship product Predictive Analytics Engine (PRAN) has been developed through various algorithms to deliver Big Data solutions for inventory management space.
"PRAN integrates with existing ERP solutions of retailers and leverages in-memory computing, enabling instant decision-making via mobile devices," it said in the statement. The clientele of Retigence include GS1 India, Manipal Hospitals, mobile retailer Sangeetha Retailer, and pharmacy group Apollo, among others. Based in Mumbai, Omnivore Partners is a venture fund investing in early-stage agriculture and food technology companies in India. Currently it manages a $50 million fund. The Godrej Group is a strategic investor in the fund.
Recently, it had invested an undisclosed amount in Bengaluru-based Y-Cook, which provides quick serve foods, in a Series A round of funding for a minority stake and a seat on the company's board.
Its portfolio companies include Skymet Weather Services, Khedut Agro Engineering, MITRA, FrontalRain Technologies, Arohan Foods, Barrix Agro Sciences, Stellapps Technologies and Eruvaka Technologies.