Cubito, a technology-based enabler, focuses on the transportation logistics automation segment.
Neocube Technology Solutions Private Limited which runs and operates Cubito.in, has successfully raised Rs 1 crore in seed funding from Sol Primero.
The founders of Cubito, Pranay Agrawal and Yash Patodia are graduates from BITS Pilani. Currently operational in Mumbai, Bangalore and Delhi with the head office in Bangalore, the team plans to use the investment to shore up its technology and drive expansion across verticals.
Commenting on the deal, Agrawal and Patodia said, "With technology people tend to over complicate things and that is exactly how we differentiate ourselves. With a completely in-house proprietary technology and a brilliant set of mentors, we focus towards making the experience of enabling transportation as a business or using it as a consumer, extremely simple and a pleasure to deal with. We are looking forward to working with Sol Primero and are excited to take Cubito to the next level."
Sol Primero is an investment firm which has been set up by two Wharton MBA graduates, Presha Paragash and Shweta Singh. Other investments by Sol Primero include Zostel, Ridingo, Curofy and Smart Pocket. As part of this transaction, Presha Paragash will be joining the board of Cubito.
"We are excited to add Cubito to the Sol Primero family and look forward to working with Yash and Pranay, both young, highly motivated and driven entrepreneurs. We believe, they have the ability to take logistics management both on the employee transportation side and last mile delivery to the next level due to the superior technology that theyhave developed," said Paragash.
Cubito, a technology-based enabler, focuses on the transportation logistics automation segment. Cubito enables this by infusing intelligence into transportion logistics involved in business processes and automates them completely.
"Transport logistics is an exciting space. And with the growing costs and complexities, Cubito has done immensely well to position themselves and have brought out an amazing product which is simplifying the way transport logistics is dealt with today. They are at a good growth curve at the moment and things look promising for them considering the market trends and needs. Both founders are highly motivated individuals from BITS Pilani and I am glad to be able to help fellow BITSians," said Phanindra Sama, Co-Founder, RedBus.in.
While Cubito's flagship product Employee Transportation Automation Tool (ETAT) focuses on Employee Transportation, the technology that has been developed in house is a solution for a wide variety of logistical problems. This allows Cubito to go after the e-commerce and third party logistics space focusing on the last mile delivery optimization, truck route planning and others. All of these would lead to a much better end-consumer experience and optimisation for businesses.
"Cubito is at the frontier of the technological innovation in leveraging geospatial algorithms to address the need of automation in transport logistics for corporate segment. It is at a stage for rapid growth and one of the rising stars in this segment" - Vijaya kumar Ivaturi, ex-CTO, Wipro, Angel investor, Mentor and CTO of Crayon Data.
Cubito is now starting to serve larger corporates like Air India SATS and others. It has expanded its operations to multiple cities while serving clients from diverse sectors. The value add by ETAT, in terms of safety, ease of use, carbon footprint reduction and the time & cost savings has had a phenomenal response from the market and our clients. Today with technology leading the way, Cubito is targeting a multi-billion dollar market.
Cubito is incubated at Kyron Global Accelerator. Commenting on the transaction, Lalit Ahuja, Founder, Kyron, said, "We are very proud and excited with our partnership with Cubito. We see a huge opportunity in the potential disruption of transportation logistics and Cubito is perfectly positioned to be at the forefront of leading this transformation. Cubito has developed technologies to drive incredible speed, simplicity and efficiencies in transportation management solutions and we cannot wait to see their vision of simplifying transportation come to life in the very near future."