IP Ventures backs IoT-enabled logistics startup Intugine
Bengaluru-based Intugine Technologies has raised an undisclosed amount of funding from angel investors of IP Ventures.
The company plans to deploy newly raised capital to strengthen its core operations, and also expand its sales team, an official statement said.
Founded by Harshit Shrivastava, Mrinal Rai, Ayush Agrawal, a team of IIT Kharagpur dropouts, Intugine is developing technology infrastructure for transportation using internet of things (IoT) to make marketplace fleet tracking easier and cheaper.
The company claims to reduce the billing cycle from 2.5 months to 2.5 weeks, enabling faster payment transfers to the shipper.
“At Intugine, we are working towards digitising the highly unorganised logistics space,” said Harshit Shrivastava, co-founder and CEO of Intugine. “With expertise in IoT technologies, we are able to track, model and predict the behaviour of third-party vehicles hired by manufacturers, third party logistics, e-coms and shippers, helping them plan better and operate more efficiently.”
“We are excited to have IPV on board as an investor and mentor while we take the next steps of our journey. The massive reach of IPV's network and various industry experts on-board gives us a lot of confidence for fuelling our rapid growth over the next few years” Shrivastava added .
Flipkart, Myntra, Furlenco, Philips and Mahindra Logistics are some of Intugine’s clients.
"Intugine is solving the unique problem of streamlining a highly unorganised logistics industry with a combination of cost-effective hardware and very intelligent software & analytics,” said Anuvrat Joshi, an active angel investor at IP Ventures. “The market potential is massive since offering customers visibility and the ability to optimise their logistics is a game changer in this industry. Intugine is able to do this in a cost-effective, repeatable and reliable manner."
Deals in the segment:
- March 2019: Logistics-technology startup Transport Hub raised Rs 3.5 crore (around $500,000) in seed funding from a clutch of high-net-worth individuals.
- March 2019: Zinka Logistics Solutions Pvt. Ltd, which operates business-to-business technology-enabled logistics startup BlackBuck, raised Rs 303.31 crore ($43.53 million) in a fresh funding round led by new investor Goldman Sachs.
- July 2019: Freight Tiger, a business-to-business (B2B) logistics-technology platform, raised $8 million (Rs 55.2 crore at the current exchange rate) in a fresh round of funding led by existing investor Lightspeed Venture Partners.