Online vehicle tracking platform Roadcast recently raised $250,000 in an angel round of funding from high-net-worth individuals from the United Arab Emirates, as per reports. The names of the investors were not revealed.
Roadcast will use the funds to expand its operations across major cities in India with a special focus on Punjab, Rajasthan, Madhya Pradesh, Maharashtra, Uttar Pradesh and Gujarat. The funds raised will also be used to expand its research and development programme, hiring technology talent and building infrastructure for its operations.
“We have tried to create a venture by building various solutions around the same technology rather than just creating a product. This has given our product offering high scalability, while not compromising on being adaptive to individual client’s needs and customising our services accordingly,”
said Rahul Mehra, co-founder of Roadcast.
About the startup
The firm was founded in 2015 by Mehra, Vishal Jain, and Anshul Jain. Prior to starting up, Mehra, a mechanical engineer by education, has had experiences of working in digital agencies like Jack in the Box Worldwide and OgilvyOne Worldwide as a web designer and senior visualiser, respectively.
Anshul, a software engineer worked with financial services firm, Ameriprise Financial Services. Vishal, however, worked as a chartered accountant.
Roadcast is a startup based out of Delhi. It is a fleet management and asset monitoring platform. It provides end-to-end supply chain management solutions to its customers to help them monitor and manage vehicles and field staff in real-time.The customers can, therefore, optimize their resources and minimise their costs.
Roadcast had recently teamed up with the Delhi Police to manage their entire police fleet movement.It had equipped the force’s vehicles with the latest communication and tracking devices.
Other deals in this market
Only last month, FourKites, a real-time logistics tracking technology startup, raised $35 million (Rs 228 crore) in a Series B round of funding led by Silicon Valley-based VC firm August Capital. US-headquartered Bain Capital Ventures and Hyde Park Venture Partners also participated in the round.
Also, LetsTransport, a tech-enabled logistics marketplace for deliveries between cities, had raised almost $15 million from new and existing investors. Japan-based Mitsui Sumitomo Insurance Capital Co. Ltd, CBC Co. Ltd, and Flex Inc have already committed $2 million to the firm.
In January, Delhi-based logistics management startup FarEye raised Rs 61.53 crore ($9.56 million) from Singapore-based 23i Pvt. Ltd.
Goa-based TempoGO, which provides Internet of Things (IoT) and software-as-a-service (SaaS) solutions for the transportation industry, raised $250,000 (about Rs 1.6 crore) from Javelin Startup-O Victory Fund in November 2017.
Japan’s Recruit Holdings invested an undisclosed amount in the US- and Bangalore-based logistics management startup Locus on October,2017.
In the same month, business-to-business logistics startup BlackBuck raised Rs 50 crore ($7.69 million) in venture debt from InnoVen Capital.
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