YantraLive, a business-to-business (B2B) platform for heavy equipment and parts, has raised $1 million (around Rs 7 crore) seed funding from GrowthStory and other angel investors including Bigbasket’s Vipul Parekh, among others.
The round saw participation from existing investors, the company said in a statement on Thursday.
YantraLive, which eyes India expansion, said it will use the fresh funds to boost its technology platform as well as roll out a slew of new product line-ups.
Founded in 2018, YantraLive’s technology platform is backed by serial entrepreneurs Ravi Anand Rao and Umesh Sangurmath and the founding team includes Vikram Joshi, Sumit Bhosale, Kumar Palangappa and Avinash Sangurmath.
“The heavy equipment market has hitherto been untouched by digital technologies and is ripe for disruption. YantraLive was born with this insight, and with a mission to eliminate downtime and idle time of heavy equipment through technology-led innovations," said Rao.
YantraLive provides parts and services to infrastructure firms, fleet owners and servicing workshops, among others. The startup plans to solve the information asymmetry problem for thousands of heavy equipment owners.
According to the statement, the startup has serviced over 1,000 customers and delivered more than 10,000 stock-keeping units (SKUs). It is currently registering an annualised run rate of Rs 60 crore ($ 8.1 million) in revenues.
