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    Numadic gets $2.5 million funding from 9Unicorns, Venture Catalysts, others

    Synopsis

    Numadic, which builds apps and APIs to simplify the automation of vehicle identification, location and transactions, will use the funding to acquire talent and build technology as well as scale new products.

    T1ETtech
    The team at Numadic.
    Mumbai: Numadic, a vehicle interface platform, has raised $2.5 million in a funding round led by 9Unicorns and Venture Catalysts at a post-money valuation of $20 million.

    Google and Chona Family Office, as well as clutch of angel investors participated in the fundraising, as did Spark Private Wealth. The capital will be used to acquire talent and technology and scale new products.

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    "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.”

    Founded by Sequeira, Aprup Shet and Haston Silva, Numadic builds apps and APIs (application programming interfaces) to simplify the automation of vehicle identification, location and transactions. The Goa-based company has four products:

    • Nu Visibility: Tracks third-party vehicles — after consent from owners for location data sharing. Identifies vehicles based on FASTag IDs. It also gathers fleet profiles to fast-track verification and onboarding of vehicles for logistics or financial services.
    • Nu Toll: Enables white-labled mobile and web apps for digital tolling, user success monitoring and toll transaction analytics using FASTag.
    • Nu Fuel: Enables FASTag-based fuel payments after establishing the vehicle’s identity, wallet check and debit APIs. The product is backed by anti-fraud and transaction oversight engines.
    • Hemica: Empowers banks, automakers and financial service providers to automate and simplify vehicle 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.”
    The Economic Times

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