Internet of things-based logistics startup Intugine Technologies Pvt. Ltd on Tuesday said it has secured pre-series A funding of Rs 19 crore (around $2.2 million) led by Mindtree founders’ floated VC firm Mela Ventures.
The round also saw participation from Kaleesuwari Group, Innoport, Harsh Shah (Fynd), Anshul Rai (Happay), Kashyap Deorah (HyperTrack) and existing investor Kanav Hasija (InnovAccer).
The Bengaluru-based firm will deploy the fresh proceeds for team and geographical expansions as well as to scale up its product portfolio.
Founded by Harshit Shrivastava, Ayush Agrawal and Mrinal Rai in 2013, Intugine is a supply chain visibility enabler that helps businesses to optimise and digitise their logistics operations. It claims to work with 75 global companies which include Titan, Diageo, Ultratech Cement, Flipkart and Mahindra Logistics, among others.
In July 2019, Intugine had raised capital from Inflection Point Ventures.
“Enterprise supply chains are evolving to support omnichannel buying and distribution. We have built a platform that gives enterprises end-to-end visibility of their shipments and greater control over their logistics operations,” said Shrivastava.
“The evolving logistics landscape has made the need for visibility into supply chain networks. It is time for brands to invest in technology that supports consumers' changing purchasing behaviour,” said Krishnakumar Natarajan, Managing Partner, Mela Ventures.
Mela Ventures, which was floated by software services company Mindtree Ltd’s founders Parthasarathy NS and Krishnakumar Natarajan.
Parthasarathy was previously the vice-chairman and chief operating officer (COO) at Mindtree while Natarajan was chairman of the software services firm. Both quit Mindtree after engineering giant Larsen & Toubro (L&T) completed its hostile takeover in mid 2019.
In March, VCCircle had reported that Mela Ventures marked the final close of its maiden fund to raise Rs 320 crore, exceeding its target.