Vahanalytics, a tech-driven startup aimed at making Indian roads safer and better has raised USD 200, 000 through Venture Catalysts, India's first Seed Investment and Innovation Platform.
The investment was led by prominent VCats angels Vikram Lakhotia and Anirudh Damani. With driverless smart cars increasingly being explored as a viable medium to improve the on-road transportation efficiency by tech giants around the world, the investment into Vahanalytics is aimed at addressing a global problem on a local scale.
Speaking on the investment, Dr. Apoorv Ranjan Sharma, Co-founder, Venture Catalysts, said, "Data analytics in transportation using telematics is the need of the hour. The space is extremely exciting and opens the door for almost limitless possibilities for implementation. The decision to invest into Vahanalytics was taken due to its strong founding team, its vision and its potential to create an excellent product."
Explaining the concept behind the development of the product, Shivalik Sen, Co-founder, Vahanalytics said, "We started out as an on-demand driver service and built a driving analytics module to help track and train our drivers.
While doing so, we realized that there was a distinct lack of a similar scientific metric to quantify and judge driving behavior as well as to identify and train drivers in areas which require improvement. Seeing how this tool could have a number of use-cases across industries such as transportation, logistics and insurance, we spoke to several businesses and received an overwhelming response for the idea. This was what made us go all in with Vahanalytics."
Vahanalytics aims to make drivers and roads better through smarter data and machine learning. The platform captures real-time data about driving habits and road conditions using smartphones, which is then processed and refined by leveraging the power of Big Data in order to extract useful insights.
Vikram Lakhotia, Managing Director - Standard Transport Corporation, added, "Having been associated with the logistics industry, I see how such a development can bring in major disruption in several market segments. Vahanalytics solutions address a major industry pain point by improving both fuel efficiency and road condition monitoring through smart technology and data analytics."
The funding into Vahanalytics is another in a long line of seed investments which have recently been facilitated by VCats; the platform has previously enabled investments into promising start-ups such as vPhrase Analytics, Siftr, ConfirmTKT and LenDenClub, underlining its commitment to raise the country's innovation quotient and drive the cause of entrepreneurship.
With key emerging areas such as Fintech, Artificial Intelligence, Cyber Security and Data-driven Intelligent Software as its priority, VCats is building a comprehensive, end-to-end ecosystem to support and nurture tech-centric start-ups in the country using its extensive angel network and auxiliary support infrastructure.