Delhi-based Roadcast, an online vehicle tracking platform, has raised $250,000 in an angel round of funding from high-net worth individuals (HNIs) from the United Arab Emirates, reported Business Standard. The startup however did not disclose the investors’ names.
Roadcast, which is a GPS based real-time tracking platform with numerous tools such as fleet management and asset monitoring, will use the funds to expand its operations across major cities in India, while focusing on states like Punjab, Rajasthan, Madhya Pradesh, Maharashtra, Uttar Pradesh and Gujarat. It will also use the money to expand its R&D programme, hiring technology talent and building infrastructure for its operations.
Founded in 2015 by Rahul Mehra, Vishal Jain and Anshul Jain, Roadcast provides end-to-end supply chain management solutions to its customers to help them monitor and manage vehicles and field staff in real-time, which in turn helps its customers optimise resources and cut down costs.
The startup also plans to venture out to the middle-east soon and provides services to companies such as Toyota, Hyundai and 3S healthcare.
For unawares, the startup has recently teamed up with the Delhi Police to manage their entire police fleet movement and equip the force’s vehicles with the latest communication and tracking devices.
According to a Gartner report, the supply chain management (SCM) market exceeded $13 billion in total software revenue in 2017, up 11 percent from 2016. It is on pace to exceed $19 billion by 2021, as software as a service (SaaS) enables new revenue opportunities.
Few days back, in a big relief to logistics companies in India, government has significantly addressed concerns of e-commerce logistics, courier, cargo companies and startups, especially regarding generation of e-way bills.
Last month, FourKites, a predictive supply chain platform based out of Chicago with office in Chennai raised $35 million in Series B funding round led by August Capital. Delhi-based logistics management startup FarEye also raised Rs 61.53 crore ($9.56 million) from Singapore-based 23i Pvt. Ltd.
According to audit firm KPMG, the size of India’s e-commerce focussed logistics sector is estimated to expand to about $2.2 billion by 2020, from about $460 million in 2016. The growth of India’s ecommerce sector, projected to reach $80 billion by 2020, hinges on e-commerce focussed logistics, a critical factor in driving differentiation and customer satisfaction.