IoT (Internet of Things) and SaaS (Software as a Service) startup TempoGo has recently raised a funding of $250K from Javelin Startup-O Victory Fund.
TempoGo also raised an additional funding from Dubai based NB Ventures, a $50 million fund whose Indian investments include logistics startup LetsTransport and fitness app HealthifyMe.
This round makes the total funding raised to $1.35 million. TempoGo raised the funding after winning an international startup competition held by Singapore based investment platform Startup-O.
Earlier this year, Carryage Technologies Pvt. Ltd, which runs TempoGO, had raised Rs 5.6 crore ($825,000 then) led by Hong Kong-based K2 Investments. The round also saw participation from other investment bankers.
“TempoGO has been revenue-positive since inception and we’ve been growing our revenues 50-100% month-on-month this financial year,” said Pranav Shirke, co-founder and chief operating officer of TempoGo. “We expect to double it again within the next two quarters,” he added.
Incubated at Goa-based Prototypze, the platform consists of two layers- IoT, which consists of GPS-based hardware unit to track vehicle location and speed, and set of sensors to monitor fuel pilferage and keep a check on temperature of refrigerated trucks.
“TempoGO is one of our earliest investments in the Indian market and adds a new dimension to our diversified portfolio that spans across Southeast Asia,” said Steve Davies, CEO, Javelin Wealth in a statement.