Siddharth Pansari, President of Calcutta Angels Network announced a new investment in Vehico, a Kolkata founded Internet of Things (IoT) startup.
Vehico acts like a fitbit for automobiles, providing access to real time data of the vehicle’s performance and driving habit of users.
Vehico is registered in Kolkata and operates from Bangalore.It was founded in 2015 by Abhishek Chatterjee, a corporate turned entrepreneur .It is designed and developed by Metaiot Technologies Pvt Ltd, an IoT company which builds solutions to provide 360 degree connectivity across human lives.
Siddharth Pansari commented, “This is the first investment for CAN in IoT. The market size of automobile industry is one of the largest in the world and this will be a step forward in digitizing it. Vehico Fleet is designed to help fleet owners save money by keeping a track on fuel usage, monitor driving behaviour and enabling to take appropriate actions. It comes with Vehico Link which collects data and runs an algorithm to provide analytical reports.”
Abhishek Chatterjee further added, “Vehico Fleet has completed a successful first pilot and is receiving orders.The funds would be utilized to ship the first set of units in the market and facilitate product enhancement and hiring. Currently, Vehico Fleet serves as an enterprise product and we have plans to launch into the B2C segment in future”.
CAN led this investment under the able championship of Rahul Agarwal and Rajesh Kankaria along with co-investment from Appliyifi Investment Newtork. CAN will be holding a stake of 14.12% in the company.
Rajesh Kankaria, owner, Corel Soff’wares Ltd, commented “It will check the rising concerns with drivers, enable fleet owners to manage and scale their operations in an affordable way.”
“Vehico stands out on preventive maintenance for car and there is a huge demand for such products from insurance companies and self-drive car rental companies,” said Rahul Agarwal, Managing Director, Ideal Insurance.