Developer of smart sensing technology for Indian logistics, Intugine Technologies has raised an undisclosed amount from angel investors of IP Ventures. Founded by a team of IIT Kharagpur dropouts, Intugine is developing technology infrastructure for transportation using IoT to make marketplace fleet tracking easier and cheaper. The company claims to reduce the billing cycle from 2.5 months to 2.5 weeks, enabling faster payment transfers to the shipper. All of this comes with better technology and also higher adoption incentive amongst shippers at a significantly lower cost.
FMCG, manufacturing and large e-commerce companies do not own trucking assets of their own and work with contracted trucks per trip instead. This is called the marketplace fleet. Companies such as Flipkart, Myntra and Philips use marketplace fleet to transport their goods every day. Marketplace fleet makes it very difficult to bring technologies like tracking, digitisation and analytics in this supply chain because the vehicles and drivers keep changing every day.
“At Intugine, we are working towards digitising the highly unorganised logistics space. With expertise in IoT technologies we are able to track, model and predict the behaviour of third-party vehicles hired by manufacturers, 3PLs, e-coms and shippers, helping them plan better and operate more efficiently” said Harshit Shrivastava, co-founder and CEO of Intugine.
“We are excited to have IPV on board as an investor and mentor while we take the next steps of our journey. The massive reach of IPV’s network and various industry experts onboard gives us a lot of confidence for fuelling our rapid growth over the next few years” adds Harshit.
Most players in the market have tried to solve the logistics tracking problem from a supplier or driver side. However, Intugine is solving from the demand side. Firms such as Flipkart, Myntra, Furlenco, Philips, Mahindra Logistics are a few of its clients. Intugine plans to deploy its newly raised capital to further strengthen its core software and hardware, and also expand its sales team.
Anuvrat Joshi, an active angel investor at IP Ventures said, “Intugine is solving the unique problem of streamlining a highly unorganised logistics industry with a combination of cost-effective hardware and very intelligent software & analytics. The market potential is massive since offering customers visibility and the ability to optimise their logistics is a game changer in this industry. Intugine is able to do this in a cost-effective, repeatable and reliable manner. This should not only bring them a lot of success but has the potential to transform the industry itself.”