Cubito raises seed funding from Sol Primero, aims to tackle the transportation logistics segment
Neocube Technology Solutions Pvt Ltd which runs and operates Cubito.in has successfully raised one crore rupees from Sol Primero. Cubito is a technology-based enabler and is aiming to automate the transportation logistics segment. They enable this by infusing intelligence into transportation logistics involved in business processes and automate them to a complete 100%.
Their flagship product Employee Transportation Automation Tool (ETAT) focuses on employee transportation. The technology that has been developed in-house is a solution aimed at a wide variety of logistical problems. This allows Cubito to go after the e-commerce and third party logistics space focusing on the last mile delivery optimization, truck route planning and other solutions. They aim to provide a much better end-consumer experience and optimisation for businesses.
How it works: Cubito's software compiles all employee information, geo-codes the data and allocates the fleet, avoiding unnecessary paperwork and saving time. They have features like proximity alerts, real time tracking and consent ad hoc requests to ensure employee satisfaction. With ETAT, the administrator will be able to track the whereabouts of the vehicle and also monitor the speed maintained and off-routing, if any, to derive at an unique performance monitors. They also provide automated invoice generation to avoid confusions and misrepresentation of data at later stages.
Cubito is now starting to serve larger corporates like Air India SATS and others. It has expanded its operations to multiple cities while serving clients from diverse sectors. The value add by ETAT is in terms of safety, ease of use, carbon footprint reduction and the time and cost savings. Users working at corporates can access Cubito's service over their mobile devices or their website and schedule their pick-ups to and from work as needed. Managers will be able to get a birds eye view of the employees whereabouts and can also prevent employees from leaving the office at certain times based on the company policy.
Today with technology leading the way, Cubito is targeting a multi-billion dollar market. Currently operational in Mumbai, Bangalore and Delhi with the head office in Bangalore, the founding team consists of Pranay Agrawal and Yash Patodia, BITS Pilani Goa graduates, who plan to use the investment to shore up their technology and drive expansion across verticals. Yash says, “With technology people tend to over complicate things and that is how we want to differentiate ourselves. With a completely in-house proprietary technology and a brilliant set of mentors, we focus towards making the experience of enabling transportation as a business or using it as a consumer, simple and a pleasure to deal with. We are looking forward to working with Sol Primero and are excited to take Cubito to the next level.”
Sol Primero is an investment firm which has been set up by two Wharton MBA graduates, Presha Paragash and Shweta Singh. Other investments by Sol Primero include Zostel, Ridingo, Curofy and Smart Pocket. As part of this transaction, Presha Paragash will be joining the board of Cubito. Commenting on the transaction, Presha Paragash says, “We are excited to add Cubito to the Sol Primero family and look forward to working with Yash and Pranay.”
"Transport logistics is an exciting space. And with the growing costs and complexities, Cubito has done well to position themselves and have brought out an amazing product which is simplifying the way transport logistics is dealt with today. They are at a good growth curve at the moment and things look promising for them considering the market trends and needs. Both founders are highly motivated individuals from BITS Pilani and I am glad to be able to help fellow BITSians," says Phanindra Sama, Co-Founder, RedBus.in
Cubito is incubated at Kyron Global Accelerator. Commenting on the transaction, Lalit Ahuja, Founder of Kyron, says, “We are proud and excited with our partnership with Cubito. We see a huge opportunity in the potential disruption of transportation logistics and Cubito is perfectly positioned to be at the forefront of leading this transformation.”