Internet of things-based logistics startup Intugine Technologies Pvt. Ltd has raised capital from Inflection Point Ventures, an investment initiative floated by a group of chief financial officers and finance professionals working at Indian startups.
Intugine says it is developing technological infrastructure for transportation to make marketplace fleet tracking cheaper and more efficient. Company co-founder Harshit Shrivastava said in a statement the Intugine platform can track, model and predict the behaviour of third-party vehicles hired by various clients of the logistics industry.
“At Intugine, we are working towards digitising the highly unorganised logistics space,” Shrivastava said, adding that the reach of IP Ventures’ network would help it grow rapidly in the next few years. He didn’t disclose the amount of money the startup raised.
IP Ventures angel investor Anuvrat Joshi said Intugine was in a position to streamline the unorganised logistics sector through its software and analytics as well as its cost-effective hardware. “The market potential is massive since offering customers visibility and the ability to optimise their logistics is a game changer in this industry,” Joshi added.
Founded in 2013, Intugine says it differentiates itself from its competition by targeting the demand side of the logistics equation rather than the supply side. The Bengaluru-based startup says it uses its software and sensors to help logistics clients achieve greater cost efficiency as well as making marketplace fleet tracking easier.
According to its website, the company offers products such as a portable global system for mobile tracker, a cell tracking device and a smartphone application, among others.
By Narinder Kapur, VCCIRCLE