Enmovil Solutions Pvt Ltd, a Hyderabad-based logistics tech startup, has raised Rs 10 crore ($1.3 million) in its pre-Series A funding round led by Anicut Angel Fund, the company said in a press release on Thursday.
KCT Group, Blackbird Investments Pvt Ltd and RB Investments also participated in the funding round. The company will use the funds to enhance its technology and provide solutions for field and yard logistics, the release said.
Founded in 2015 by Ravi Bulusu, Nanda Kishore and Venkat Moganty, Enmovil offers an original equipment manufacturer (OEM)-centric multi-modal logistics technology platform optimising end-to-end operations for field and yard logistics.
“Enmovil is scaling up as the unique solution provider for OEM logistics. Our AI-driven platform empowers our logistics customers all the way from planning their short and long-haul logistics while ensuring vehicle safety and material integrity. We intend to leverage the new funds to expand our sales team and strengthen our R&D to accelerate our innovation roadmap,” said Bulusu.
The company’s ‘autometrics’ uses machine learning (ML)-driven algorithms that leverage the power of IoT (internet of things) and integration of data from unstructured sources to automate material and fleet movement from warehouse to the dealer, the company said.
The company said that it is witnessing significant growth in adoption of its solutions and has deployed its hardware and software solutions across the country. The company also counts Hindustan Petroleum Corporation Ltd, Maruti Suzuki, Hero Motors among its clients and said that it offers end-to-end logistics optimisation to them.
Enmovil had raised Rs 3 crore from Emergent Ventures, a US-based venture capital firm. Emergent Ventures had launched an India-focused investment firm--Ev2 Ventures in 2019, with a focus on early-stage startups in the smart mobility segment.
“Enmovil is one of the few players across the logistics and transportation industry that is solving for inefficiencies across the entire logistics value chain from plant to yard to field to first and last mile optimisation, with its unique multi-modal SaaS based solution,” Karan Mittal, partner, Ev2 Ventures.
Meanwhile, Anicut Angel Fund has been investing aggressively in early-stage Indian startups lately. In November, it invested in a business-to-business (B2B) commerce company CapGrid, in its seed funding along with Axilor Ventures and First Cheque.In the same month, it also invested in Blacktail Mindhouse Pvt Ltd, which owns and operated health-technology company Mindhouse, along with Flipkart’s co-founder Binny Bansal.
