Prime Venture Partners, on Thursday announced a $1,000,000 (Rs 6.5 crore) investment in logistics-tech startup, WheelsEye. Founded in 2017 by Anshul Mimani and Manish Somani, WheelsEye is building a SaaS product for the logistics industry to enable automation and bring efficiency to an otherwise manually run sector. The company will use the funding to refine its product, which is still in early-stages of development.
According to recent reports, the Indian logistics industry, which provides employment to more than 22 million people, has grown at a compound annual growth rate (CAGR) of 7.8% during the last five years. Even with massive potential and growth forecasts, the industry is largely operated manually. There are various challenges the sector currently faces related to infrastructural deficiency, skilled manpower and slow adoption of technology. There is a lack of awareness in the logistics sector about the economic benefits of using digital technology which is leading to operational inefficiencies and poor asset utilization.
“The Logistics sector in India is estimated to cross $200B by 2020. We feel that there is significant potential for technology to make logistics better and reduce wastage. Indian startups will have a number of opportunities to succeed in this sector, as it is not a ‘winner takes it all’ market. In Anshul and Manish, we found a passionate and committed founding team that is quick-learning and happy to take on large-scale complex problems, and we're excited to work with them in this endeavour,” said Shripati Acharya, Managing Partner, Prime Venture Partners.
WheelsEye aims to transform the logistics sector by enabling intelligent use of technology to decrease operational inefficiencies and lower overall cost.
“Logistics is a layered industry, with multiple stakeholders. In India the sector is plagued by many challenges, hence we see a huge opportunity for a technological transformation. Effective prioritization and application of data and technology is what the industry needs. We are passionate about solving for these specific issues and are excited about the fund raise. We are happy to partner with Prime where apart from investment we are also getting mentorship from seasoned entrepreneurs. Their first principle approach helps us focus the in right direction,” said Anshul Mimani, co-founder of WheelsEye.
Prime Venture Partners is a Bengaluru-based Early stage fund led by serial entrepreneurs Sanjay Swamy, Shripati Acharya and Amit Somani. The fund is focussed on identifying, mentoring and help building category-creating companies that are attracting large markets and are using technology in disruptive ways.