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Roadcast raises USD 250,000 from HNIs

Business Finance

Press Trust of India  |  New Delhi 

Vehicle tracking platform Roadcast today said it has raised USD 250,000 (over Rs 1.6 crore) from UAE-based high net worth individuals (HNIs).

The funding will be used in expanding operations across major cities in India, with a focus on particular states such as Punjab, Rajasthan, MP, Maharashtra, UP and Gujarat, the company said in a statement.

The company is into tech-driven real-time asset monitoring, fleet management and vehicle tracking.

"We aim to primarily allocate the funds to further strengthen our research efforts, as tech development in the sphere of an on-field asset management platform requires a significant amount of capital," Roadcast co-founder Vishal Jain said.

The funding will be utilised in the R&D, PR and advertising operations, among others, while also helping to grow in terms of members as well as infrastructure.

The company, which plans to venture out to the middle-east soon, provides services to companies such as Toyota, Hyundai and 3S healthcare.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, March 27 2018. 15:30 IST