Numadic will use the raised funding for hiring new talents and product development.
On Tuesday, a tech startup Numadic raised $2.5 Million in a pre-Series A round of funding led by 9Unicorns and Venture Catalysts. The startup provides solutions in the vehicle mobility space.
This round also saw participation from the Chona Family Office and angel investors who include senior executives from Netmagic, Oracle, and Google. The funding was done at a valuation of $20 million.
Numadic was founded by Luke Sequeria, Aprup Shet, and Haston Silva. Numadic is a vehicle interface platform which enables users to build apps and APIs to enable autonomous vehicle payments.From vehicle identification, payments to document exchange, Numadic aims to deliver new-age fintech solutions to “undisrupt” the movement of people and cargo.
Speaking on the funding, Co-founder of 9Unicorns/Venture Catalysts, Apoorva Ranjan Sharma said, “India is seeing a revolution in the field of financial services after the entry of fintech. We are seeing various fintech startups emerging to improve the lives of people better. Numadic is one of the go-getters in this segment, who is using the power of technology and a team of industry experts to effectively modernise the operations of the logistics industry and its stakeholders.”
-Backed by a team of logistics and mobility solutions experts, the flagship product of Numadic is Nu Fuel, which enables fuel payments over the FASTag network. Hemica, another offering, empowers banks, automakers, and financial service providers to automate and simplify vehicle payments. Finally, Nu Toll allows FASTag issuers (like banks) to provide a white-label solution to their end-customers to manage their FASTags better.
Luke Sequeira, Founder & CEO – Numadic said, “We are moving closer to a world of autonomous vehicles. Autonomous payments for those vehicles will come first. Numadic is delighted to imagine and engineer this future, enabling vehicle autonomy on the payments front. This new round of funding fuels our next phase of growth towards undisrupting vehicle movement.”