Pune: Gurgaon based Intents Mobi, a geospatial intelligence startup, today announced that it has raised $1 Million in a funding round led by DevX Venture Fund. The round also saw participation from other investors like Unnati Labs and multiple marquee strategic angels from Logistics & Mobility sector whose ventures are backed by Tier1 VCs. The company plans to use the funds to invest in its tech capabilities, increase the collection of GIS information for the country and to further pump up their enterprise sales. Founded by Naresh Kumar Kachhi and Tabrez Alam while joined by Balasubramaniam S and Prakash Velusamy, the company is now 15 people strong with 10 members purely focussing on the technology development. The company utilises a network of ‘Scouts’ which is a community of over 700,000 users who contribute to the data generation for location intelligence.
Speaking on the occasion, Naresh, Founder – Intents Mobi, said, “It is heartening to bag funding at this crucial stage when we are focussing on growing our capabilities and widening our tech stack. At Intents Mobi, we work on solving the issues with GIS data that impacts every industry connected to mobility.”
Further to this, Naresh commented, “India is a unique country with one of the highest densities of roads in the world and addresses that are inconsistent. Hence we focus on gathering situational awareness information about the two most critical elements of routing: the destination and the route. Our hardware independent technology ensures that we are able to map the entire country without investing heavily in capex. The funds will be used for increasing the collection of GIS information for India and for further product development. Since we already generate insights for almost 4.5 crore kms of roads per day and process 3 million geocodes every month, the funds will enable us to increase this by 5X and cover the 50 most populous cities of the country by the end of the year”.
Commenting on the funding, Umesh Uttamchandani, COO, DevX Venture Fund, said “At DVF (DevX Venture Fund) we are excited to lead the funding round in Intents Mobi with our follow-on participation! It is a testament to the strong track record and our confidence in the massive potential of the enterprise. Our investment approach largely revolves around having a strong founding team, which Tabrez and his team match. With their immense understanding of the location intelligence segment, Intents Mobi is having a huge impact on every industry connected to and dependent on mobility. Envisioning the all-pervasive impact their location intelligence will have across segments, industries and markets is extremely heartening. Most importantly, it is a true “Make-in-India story”!
Intents Mobi counts some of the biggest names in various industries as their clients including Here Maps, TomTom and Honda among others. The startup aims to raise their Series A of over $5 Million by the end of this financial year.