IoT startup Chariot has raised Rs 2 crore from GEMs partners in a Pre-Series-A funding round. The Delhi-based startup will deploy the latest proceeds for product development and market expansion.
Besides, the capital infusion will also help the startup to increase its horizon at the global level, upgrading in-house technology platform, infrastructure and products, and also in pushing internal growth.
Chariot was floated by Nilay Mehrotra, Raj Garg, and Siddhant Srivastava. It is a digital enterprise connecting sensing devices to provide deep analytical capabilities in detecting patterns inside data streams.
The startup provides solutions for companies to manage their non-revenue water and daily consumption pattern through analytics platform. It helps the end user manage the daily consumption of water along with leakage detection and bill payments.
Chariot offers platform as a service (PaaS) on a subscription basis and its fee depends on the number of uplinks/downlinks and the level of analytics the user wishes to subscribe to. The startup’s offerings work on cutting-edge technology, which includes smart water supply solution, smart parking solution and smart gas supply solution.
Chariot claims to have an average month-on-month (MOM) growth of 45 per cent. Over the long-term, it looks to help the governments and consumers in making efficient choices based on an array of emerging technologies.
As of now, the startup is executing a project in Maharashtra on smart water metering and is also delivering into the areas such as Automated Parking Systems, Smart Gas Management, Smart Waste Management, among others.
SmarterHomes Technologies’ WaterOn and FluxGen are some notable IoT-enabled startups which work in the same space.
The development was reported by ET.