Numadic raises $2.5 million in funding at a $20 million valuation

Numadic

Mumbai: Numadic, a vehicle interface solution provider has raised $2.5 million in pre Series A funding round. The startup Numadic will utilize the seed funding to scale its talent and new technology product.

9Unicorns and Venture Catalysts led the funding round along with other investors. The Chona Family Office, former Netmagic CTO and Co-Founder, senior leaders from Oracle and Google participated in this pre Series A funding round in their private capacity.

Spark Private Wealth assisted in closing the round. Previous investors in Numadic include Dynamo VC, 9Unicorns, CVW Partners and Jeneq Capital’s Sanjay Venkat.

Entrepreneurs Luke Sequeira, Aprup Shet and Haston Silva founded Numadic – a vehicle interface platform that builds apps and APIs to enable autonomous vehicle payments.

From vehicle identification, payments to document exchange, the platform powered by Numadic’s Goa-based technology team aims to deliver new-age fintech solutions to “undisrupt” the movement of people and cargo.

“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 modernize the operations of the logistics industry and its stakeholders,” said Dr Apoorva Ranjan Sharma, Co-Founder – 9Unicorns / Venture Catalysts

Their tireless efforts towards this cause have earned our respect, and we wish them continued success in the future.”

“This new round of funding fuels our next phase of growth towards undisrupting vehicle movement. We are grateful for the trust placed in us by our investors and customers that enabled us to reach this point in Numadic’s journey,” said Luke Sequeira, Founder and CEO – Numadic.

“We are especially grateful to Dr Apoorva Ranjan Sharma and his team at 9Unicorns and Sanjay Venkat of Jeneq Capital without whom this progress would not be possible,” added Sequeira.

Backed by a team of logistics and mobility solutions experts, Numadic has entered the market with industry-defining products. Leading the line-up 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.

And, Nu Toll allows FASTag issuers (like banks) to provide a white-label solution to their end-customers to manage their FASTags better.

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