Shandong Penglai Flushing Laser Equipment Co., Ltd
Flushing Laser Equipment Co., Ltd., No. 23, Youyi Road, Penglai City, Shandong Province
YantraLive, a B2B platform for heavy equipment and parts, on Thursday said it has raised USD 1 million (over Rs 7 crore) in a seed round from GrowthStory and other angel investors, including Bigbasket co-founder Vipul Parekh.
The start-up, which started in 2018, is backed by serial entrepreneurs Ravi Anand Rao and Umesh Sangurmath. YantraLive said its existing investors also participated in the funding round.
The company will utilise the capital raised to upgrade its technology platform, launch new product categories as it aims to enhance its market penetration across India, said YantraLive, which primarily caters to infrastructure firms, fleet owners and servicing workshops.
Till date, it has serviced over 1,000 customers and delivered more than 10,000 SKUs. Its revenues have grown by 10 times in the last year and is currently registering an annualised run rate of Rs 60 crore, the company 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,” YantraLive Co-founder Ravi Anand Rao said.
On its investment in the platform, GrowthStory Partner K Ganesh 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.” Stating that the heavy equipment industry is complex, with myriad stakeholders and requiring significant domain expertise before one can create the right solution for this industry, BigBasket Co-Founder Vipul Parekh said, “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.”More Stories onstartups