Vehicle Interface Platform Numadic raise $2.5 million led by 9Unicorns & Other Investors
Numadic, a vehicle interface platform, raised $2.5 million in a fundraising round led by 9Unicorns and Venture Catalysts, valuing the company at $20 million post-funding. Google, Chona Family Office, angel investors, as well as Spark Private Wealth, took part in the financing. The company uses its funds to hire additional employees, develop new technology, and grow new products.
"We are moving closer to a world of autonomous vehicles. Autonomous payments for those vehicles will come first,” Luke Sequeira, cofounder and chief executive, said in a statement on Monday. “This new round of funding fuels our next phase of growth towards ‘undisrupting’ vehicle movement.”
Numadic, founded by Sequeira, Aprup Shet, and Haston Silva, builds apps and APIs (application programming interfaces) to make the automation of vehicle identification, location and transactions a simpler process. The company, which is situated in Goa, offers four products namely Nu Visibility, Nu Toll, Nu Fuel and Hemica.
Nu Visibility: Tracks third-party vehicles with the owners' permission to share location data. FASTag IDs are used to identify cars. It also collects fleet profiles in order to expedite vehicle authentication and onboarding for logistics and financial services.
Nu Toll: Using FASTag, allows for white-labeling of mobile and web apps for digital tolling, user success monitoring, and toll transaction analytics.
After establishing the vehicle's identity, wallet check, and debit APIs, Nu Gasoline enables FASTag-based fuel purchases. Anti-fraud and transaction oversight engines support the product.
Hemica: Provides banks, automakers, and financial service providers with the tools they need to automate and streamline automobile payments.
“As the fintech revolution continues to grow in India, we are seeing numerous fintech startups transforming people’s lives for the better,” Sharma said.
“Numadic is using the power of technology and a team of industry experts to effectively modernise the operations of the logistics industry and its stakeholders.”
"We are moving closer to a world of autonomous vehicles. Autonomous payments for those vehicles will come first,” Luke Sequeira, cofounder and chief executive, said in a statement on Monday. “This new round of funding fuels our next phase of growth towards ‘undisrupting’ vehicle movement.”
Numadic, founded by Sequeira, Aprup Shet, and Haston Silva, builds apps and APIs (application programming interfaces) to make the automation of vehicle identification, location and transactions a simpler process. The company, which is situated in Goa, offers four products namely Nu Visibility, Nu Toll, Nu Fuel and Hemica.
Nu Visibility: Tracks third-party vehicles with the owners' permission to share location data. FASTag IDs are used to identify cars. It also collects fleet profiles in order to expedite vehicle authentication and onboarding for logistics and financial services.
Nu Toll: Using FASTag, allows for white-labeling of mobile and web apps for digital tolling, user success monitoring, and toll transaction analytics.
After establishing the vehicle's identity, wallet check, and debit APIs, Nu Gasoline enables FASTag-based fuel purchases. Anti-fraud and transaction oversight engines support the product.
Hemica: Provides banks, automakers, and financial service providers with the tools they need to automate and streamline automobile payments.
“As the fintech revolution continues to grow in India, we are seeing numerous fintech startups transforming people’s lives for the better,” Sharma said.
“Numadic is using the power of technology and a team of industry experts to effectively modernise the operations of the logistics industry and its stakeholders.”
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