[Funding alert] IoT-enabled logistics startup Intugine raises undisclosed funding from IP Ventures
Internet-of-Things (IoT) logistics startup Intugine Technologies has raised an undisclosed amount from angel investors of IP Ventures (IPV). According to the company, it plans to deploy its newly raised capital to further strengthen its core software and hardware, and also expand its sales team.
Founded by a team of IIT Kharagpur dropouts, Intugine is developing technology infrastructure for transportation using IoT to make marketplace fleet tracking easier and cheaper.
Speaking about the startup, Harshit Shrivastava, Co-founder and CEO of Intugine, said,
“At Intugine, we are working towards digitising the highly unorganised logistics space. With expertise in IoT technologies we are able to track, model and predict the behaviour of third-party vehicles hired by manufacturers, ecommerce businesses and shippers, helping them plan better and operate more efficiently.”
The startup claims to reduce the billing cycle from two-and-a-half months to two-and-a-half weeks, enabling faster payment transfers to the shipper.
“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,” added Harshit about the investment.
In early 2016, Intugine changed its focus to enterprise market targeting the logistics space.
Anuvrat Joshi, an active angel investor at IP Ventures, said,
"Intugine is solving the unique problem of streamlining a highly unorganised logistics industry with a combination of cost-effective hardware and very intelligent software and analytics. 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."
While, most players in the market have tried to solve the logistics tracking problem from a supplier or driver side, Intugine is solving from the demand side. Some of the clients for the startup includes Flipkart, Myntra, Furlenco, Philips, and Mahindra Logistics.