COGOS Technologies, a Bengaluru-based tech logistics startup has bagged $1 million (approx ₹7 crore) in pre-Series A funding led by IAN Fund investor Niraj Saran. The round included other participants like Emergent and outside HNI investors.
The company will use the infuse funds to optimise its current technological offerings, develope innovative and sustainable transportation solutions, and strengthening its human resources.
Moreover, Saran will join the board at COGOS Technologies.
“We will be leveraging this capital to further enhance our current offerings, build newer products, and strengthen our team,” Prasad Sreeram, founder and CEO of COGOS Techonologies said.
COGOS Technologies, based out of Bengaluru, tech-driven intra-city logistics aggregator was founded in 2016 by Prasad Sreeram and Dr. Rama Mohan Katta. The startup focuses on enabling intra-city trucking enterprises through its intelligent, tech-enabled platform.
The platform is integrated with advanced sensors, IoT technology, and third-party applications to uplift over four million truckers and transform 8 million enterprises across the country.
Whereas, IAN Fund was launched in 2006 and usually aims at investing up to $1 milion with an average ticket size of about $400,000- $600,000 and exiting in three-five year period through a strategic sale.
It is a SEBI registered early stage fund with about 470 investors from 11 countries.
“We are delighted to see the way emerging startups are identifying and resolving incumbent problems with the help of the latest technological tools. COGOS Technologies is one such enterprise. Its innovative solutions coupled with the founders’ dedication have the potential to transform the Indian logistics ecosystem for the better,” Niraj Saran, lead investor, IAN Fund said.
Earlier this month, IAN Fund invested ₹19 crore in Series A round in Delhi-based pollution control device maker Chakr Innovation, along with Jyoti Sagar and IDFC-Parampara Fund.