Numadic Raises $2.5 Mn In Funding At A $20 Mn Valuation The company will utilize the funding for talent and technology to scale Numadic's newest product
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Vehicle interface solution provider Numadic, on Tuesday announced to have raised $2.5 million in a pre-Series A funding round led by 9Unicorns and Venture Catalysts. The pre-Series A saw participation from investors including the Chona Family Office and angel investors like former Netmagic, senior leaders from Oracle, and Google in their private capacity. Spark Private Wealth assisted in closing the round.
The company will utilize the funding for talent and technology to scale Numadic's newest product.
"We are moving closer to a world of autonomous vehicles. Autonomous payments for those vehicles will come first. Numadic is delighted to imagine and engineer this future, enabling vehicle autonomy on the payments front. This new round of funding fuels our next phase of growth towards undisrupting vehicle movement. We are grateful for the trust placed in us by our investors and customers that enabled us to reach this point in Numadic's journey. We are especially grateful to Dr. Apoorva Ranjan Sharma and his team at 9Unicorns and Sanjay Venkat of Jeneq Capital without whom this progress would not be possible," said Luke Sequeira, founder, and chief executive officer, Numadic.
Founded by entrepreneurs Luke Sequeira, AprupShet, and Haston Silva, Numadic is a vehicle interface platform that builds apps and APIs to enable autonomous vehicle payments. From vehicle identification, payments to document exchange, the platform powered by Numadic's Goa-based technology team aims to deliver new-age fintech solutions to "undisrupt" the movement of people and cargo.
"As the fintech revolution continues to grow in India, we are seeing numerous fintech startups transforming people's lives for the better. Numadic is one of the go-getters in this segment, who is using the power of technology and a team of industry experts to effectively modernize the operations of the logistics industry and its stakeholders. Their tireless efforts towards this cause have earned our respect, and we wish them continued success in the future," added Apoorva Ranjan Sharma, co-founder, 9Unicorns/Venture Catalysts.
Backed by a team of logistics and mobility solutions experts, Numadic has entered the market with industry-defining products. Leading the line-up is Nu Fuel, which enables fuel payments over the FASTag network. Hemica, another offering, empowers banks, automakers, and financial service providers to automate and simplify vehicle payments. Finally, Nu Toll allows FASTag issuers (like banks) to provide a white-label solution to their end-customers to manage their FASTags better, the platform said.
