India’s leading B2B platform for heavy equipment and parts raised US$1 Million in a seed round from GrowthStory and other angel investors, including Bigbasket.
Bengaluru, January 13: India’s leading B2B platform for heavy equipment and parts, YantraLive today said that it had raised US$1 Million in a seed round from GrowthStory and other angel investors, including Bigbasket’s Vipul Parekh. The startup’s existing investors also participated in the round.
YantraLive said it would utilize the capital raised to upgrade its technology platform and launch new product categories to enhance its market penetration across India. The startup primarily caters to infrastructure firms, fleet owners and servicing workshops spread across the country.
YantraLive was founded in April 2018 by a group of IIM and NIT alumni. Backed by serial entrepreneurs Ravi Anand Rao and Umesh Sangurmath, the founding team includes Vikram Joshi, Sumit Bhosale, Kumar Palangappa and Avinash Sangurmath. To date, the startup has serviced over 1,000 customers and delivered more than 10,000 SKUs.
Ravi Anand Rao, Co-founder at YantraLive, said, “The heavy equipment market has hitherto been untouched by digital technologies and is ripe for disruption. YantraLive was born with this insight and a mission to eliminate downtime and idle time of heavy equipment through technology-led innovations. Today, we are thrilled to receive the backing of Vipul and GrowthStory as we get ready to scale YantraLive.”
YantraLive was conceived to solve the information asymmetry problem for thousands of heavy equipment owners, many of whom are located in remote parts of India. The startup has grown its revenues by ten times in the last year and is currently registering an annualized run rate of ₹60 crores (US$ 8.1 Million) in revenues. YantraLive’s technology platform is the first of its kind in the industry and disrupts how heavy equipment-related parts, services, and machinery are being purchased.
K.Ganesh, Partner at GrowthStory, 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. We are delighted to come on board to support YantraLive’s vision of building the first platform for heavy equipment that is enabled digitally.”
Vipul Parekh, Co-Founder of BigBasket, said, “The heavy equipment industry is complex, comprised of myriad stakeholders and requires significant domain expertise before one can create the right solution for this industry. 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 .”
India is the 4th largest construction equipment market in the world by volume and registered a turnover of nearly US$ 6.5 Billion in 2020.
YantraLive is a B2B platform for Heavy Machinery Equipment and Parts catering to Infra firms; Equipment owners, and Service workshops. YantraLive is redefining heavy equipment ownership by building industry-first solutions to trade pre-owned equipment, helping owners maintain their equipment by supplying the right parts and services on time. YantraLive has serviced over 1000 customers and delivered more than 10,000 SKUs. The founding team comprises serial entrepreneurs and alumni of IIMs and NITs. For more information, please visit https://www.yantralive.com/
