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Mumbai-based supply chain startup Elixia Tech Solutions Ltd has raised $1 million in its pre-Series A funding round led by Rajasthan Venture Capital Fund (RVCF) and other angel investors.
According to the official statement, Elixia will deploy the funds to scale up its presence in both domestic and international markets.
Founded in 2011 by Sanket Sheth, Elixia Tech aims to enhance the logistics sector by introducing high-end technological innovations in the field of supply chain. The startup provides a suite of products and solutions to cater to supply chain and logistics related needs.
Its solutions include vehicle tracking, warehouse monitoring, complete transport management solution, fleet management, document management, end-to-end logistics control tower, distribution and sales management, and more.
Speaking about the development, Sanket explained that it is now important to have real-time visibility, optimisation, and transparency in the supply chain.
“This is a very important milestone. While supply chains have evolved from on-ground manual operations to something as advanced as digital twins, majority of companies are still stuck somewhere in between.
“With the world going through the impact of external changes, it has now become even more imperative to bring in real-time visibility, optimisation, and transparency in the supply chain. Thus, I believe that now is the right time and the right place to get the right products to make waves in the Indian [and] global logistics market,” he said.
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The startup had introduced its first product in the vehicle telematics space followed by the launch of a completely digital and efficient suite of supply chain solutions under its supply chain control tower (SCT).
It provides interlinked softbots for all segments of logistics, including warehouse and inventory that controls supply chain planning and execution to reduce costs. It also ensures visibility for goods in transit and provides actionable business intelligence using machine learning.
“The growth of supply chain is majorly dependent on the growth of supply chain software solutions market. Supply chain solutions give the power and visibility to monitor processes, identify the exact underperforming areas and gain reliable data-driven insights to efficiently run operations. We are truly impressed with Elixia’s management team, and their commitment to providing new-age solutions and impressive growth,” Gaurav Chowdhry, VP, RVCF, said in a statement.
