The company said it will utilise the funds to upgrade its technology platform, launch new product categories as it aims to enhance its market penetration across India.
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.”
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.”
YantraLive, which began operations in 2018, primarily caters to infrastructure firms, fleet owners and servicing workshops. It is backed by serial entrepreneurs Ravi Anand Rao and Umesh Sangurmath. YantraLive said its existing investors also participated in the funding round.
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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.
