India’s leading B2B platform for heavy equipment and parts, YantraLive today said that it has raised US$1 Million in a seed round from GrowthStory and other angel investors including Bigbasket’s Vipul Parekh. The startup’s existing investors also participated in the round.
YantraLive said it will utilize the capital raised to upgrade its technology platform, launch new product categories as it aims to enhance its market penetration across India. The startup primarily caters to infrastructure firms, fleet owners and servicing workshops spread across the country.
YantraLive was founded in April 2018 by a group of IIM and NIT alumni. Backed by serial entrepreneurs Ravi Anand Rao and Umesh Sangurmath, the founding team includes Vikram Joshi, Sumit Bhosale, Kumar Palangappa and Avinash Sangurmath. Till date, the startup has serviced over 1,000 customers and delivered more than 10,000 SKUs.
Ravi Anand Rao, Co-founder at YantraLive said, “The heavy equipment market has hitherto been untouched by digital technologies and is ripe for disruption. YantraLive was born with this insight, and with a mission to eliminate downtime and idle time of heavy equipment through technology-led innovations. Today, we are thrilled to receive the backing of Vipul and GrowthStory as we get ready to scale YantraLive.”
YantraLive was conceived to solve the information asymmetry problem for thousands of heavy equipment owners, many of whom are located in remote parts of India. The startup has grown its revenues by 10 times in the last year and is currently registering an annualized run rate of ₹60 crore (US$ 8.1 Million) in revenues. YantraLive’s technology platform is the first of its kind in the industry and is disrupting the way heavy equipment related parts, services and machinery is being purchased.
K.Ganesh, Partner at GrowthStory said, “YantraLive is led by the right team with in-depth experience in the heavy equipment market and has seen good traction in the last year demonstrating the impending Digital disruption and transformation in the sector. We are delighted to come on board to support YantraLive’s vision of building the first platform for heavy equipment that is enabled digitally.”
Vipul Parekh, Co-Founder of BigBasket said, “The heavy equipment industry is complex, comprised of myriad stakeholders and requires significant domain expertise before one can create the right solution for this industry. Knowing the YantraLive team since inception, I believe that this team has the domain knowledge and technology expertise to address the needs of customers in this industry .”
India is 4th largest construction equipment market in the world by volume, and registered a turnover of nearly US$ 6.5 Billion in 2020.
Categories: Venture Capital