Elevate 100 startup AptEner Mechatronics raises funding of Rs 10 Cr from Inventus India, KITVEN
AptEner Mechatronics will be using the funds raised to sell two-wheeler accessories in India.
Bengaluru-based AptEner Mechatronics, the parent company of multi-functional motorcycle gear brand BluArmor, announced on Wednesday that it has raised Rs 10 crore in Series A funding. The round was led by Inventus India and KITVEN. AptEner Mechatronics had raised up to Rs 4 crore as its pre-Series A funding.
In a press statement, PK Sundarajan, CEO and Founder of BluArmor, said:
"We have a slew of feature-rich products in the pipeline, and this capital will ensure to rapidly bring them to market, expand quickly and strategically, and deliver on our vision around the world."
The company will be using the freshly raised funds to sell two-wheeler accessories in India.
In August 2017, the Government of Karnataka had set aside Rs 35 crore in a fund to be made available to 100 startups who won at the Elevate 100 programme, an initiative by the Government of Karnatak to handhold and fast-track entrepreneurship. AptEner Mechatronics was one of the companies to be selected at the programme.
Samir Kumar, Managing Director of Inventus India, said: "In hot countries like India, Taiwan, etc. which have large two-wheeler population, riding with a helmet can be extremely uncomfortable. We believe PK's (PK Sundarajan) strong tech and business abilities, supported by a group of passionate bikers is capable of creating a successful smart two-wheeler accessory company. We are excited to be partnering with this team."
Inventus's India has previously invented in redBus and InstaHealth, which was later acquired by Practo.
BluArmor's first product - BluSnap, is a snap-on cooler that retrofits to the existing full face motorcycle helmets and cools up the air by 15 degrees. The product also blocks dust particles, providing cool and clean air for two-wheeler riders. The product is sold across 10 countries in four continents.
The company has also launched BluRydr, a travel application available on Google PlayStore, which helps auto-creates travelogues, based on the stops a traveller makes, the pictures and videos he/she takes.