Infinite Uptime, a provider of predictive maintenance solutions for industrial machinery, has raised $18.85 million as part of what it calls a Series B3 round. The Tiger Global-led round also saw participation from existing investors GSR Ventures, VenturEast, Mayfield, and THK. The company is also backed by KOIS, a Belgium-based innovative impact investor.
This funding will enable the company to further strengthen its global market share and multiply value delivery and service quality across industry segments, Infinite Uptime said in a press release.
The industrial IoT (internet of things) company scooped up $5.15 million in Series B funding led by VenturEast in December 2020. According to the company, its Series B2 round came in December 2022.
Led by Raunak Bhinge, Infinite Uptime’s technology digitizes assets and leverages vibration monitoring to diagnose faults and provide recommendations for large-scale industrial machinery remotely. The company claims that it has over 300 customers globally and focuses on manufacturing industries including cement, steel, metals & mining, FMCG, chemicals, oil & gas, power, pharma, tire, automotive, construction, pipes and others.
Some of the notable clients of the Pune-based startup include Vedanta Group, JSW Group, Tata Group, THK, Schlumberger, Marubeni Group, Ceat Tyres, Aditya Birla Group, and Coca Cola.
Infinite Uptime registered 2.3X growth in operating scale to Rs 10 crore during FY22 in comparison to Rs 4.3 crore in FY21. As per the annual financial statement, the company’s losses inclined 94.4% to Rs 16.17 crore during the year from Rs 8.32 crore in FY21.
This is the first investment for Tiger Global in a new Indian startup in 2023. The New York-based investor invested in its portfolio company PhonePe in February this year.
The VC already started refraining from large deals in 2022 and was completely missing from the investment landscape in January, March and April this year. Meanwhile, it is reportedly in talks to invest $40 million in Indian Premier League (IPL) franchise Rajasthan Royals at a valuation of $650 million.