Incubator and accelerator Venture Catalysts announced on Monday, February 10, that it has invested in smart helmet startup, Altor. Catering to the B2B segment, its helmets are Internet of Things (IoT) and Artificial Intelligence (AI) enabled.
Altor aims to make the lives of two-wheelers safe and efficient, and improve fleet management.
According to the founders, Altor will use the freshly raised funds to optimise its products and establish a clear market, solidify its client base, and geographically expand.
In a statement, Apoorv Ranjan Sharma, President and Co-Founder, Venture Catalysts, said,
“The connected mobility solutions market is one of the fastest-growing ones in India and presents huge potential to investors. Around 470 million connected vehicles are estimated to hit the roads by 2025, with the market registering a strong, double-digit CAGR of 19 percent throughout the forecast period. While it is still growing, Altor has made great strides in this domain. Besides the hardware solution, its comprehensive SaaS model aids companies to increase fleet efficiency in a cost-effective way. We believe the latest round of funding will allow Altor to further expand its reach and scale up operations.”
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Founded by Shamik Guha, Sayan Tapadar, Muhammad Bilal Shakil, and Anirban Datta Gupta, Altor uses a combination of hardware and software to provide insightful in-vehicle data to companies for better fleet management and provide protection from accidents.
On the funding, Muhammad Bilal said, "We believe our product can be a game-changer for this whole new economy of two-wheeler driven services, which boasts of being the most heavily funded sector currently (more than $20 billion over the past three years)."
Venture Catalysts brings a combination of capital, mentoring, and business network. It invests between $250,000 and $1.5 million in early-stage startups. Recently, in January, the startup accelerator invested an undisclosed amount in neo-banking business payments platform Nupay, as a part of its seed funding.
(Edited by Saheli Sen Gupta)