Bengaluru-based supply chain startup TagBox has raised $3.85 Mn in its Series A funding round led by auto manufacturer TVS Motor Company and its Singapore based subsidiary, TVS Motor (Singapore) Pte. Limited.
Tagbox was founded in 2016 by Adarsh Kumar, Saumitra Singh and Sameer Singh. While it started as a cold chain monitoring solution provider, Tagbox is now helping organisations make their supply chains more reliable with solutions based on Internet of Things-based monitoring, machine learning and automation.
The company aims to cost-effectively and reliably tag any supply chain shipment or asset at the highest level of granularity, monitor its health in real time, and using predictive insights ensure that the products’ quality is not compromised.
“Organizations across the globe are increasingly adopting IoT and machine learning solutions to improve their supply chains and operations. We have already delivered ROI from our IoT based predictive insights solutions for leading retail, ecommerce, pharma, F&B, dairy and manufacturing companies in India and APAC. We believe it is now time to scale our product globally,” said Adarsh Kumar, CEO of TagBox.
Tagbox offers two products namely BoxLens and AssetLens. According to the official website, AssetLens platform is used to monitor environmental conditions during storage and transit of low-value products such as perishable goods. On the other hand, BoxLens helps in monitoring stock keeping unit (SKU) box or pallet of high-value goods such as pharmaceuticals or appliances.
These platforms can be utilised by companies working across logistics, pharma and biotech, food and dairy, ecommerce and fragile goods.
According to the company, the funds will be utilised to strengthen product innovation and research and development. It is also aiming to expand its services to the global market.
The startup also said that it will also develop new predictive analytics and automation solutions to solve various customer use cases.
“Their (Tagbox) ability to help organisations monitor, predict and prevent SKU health risk in the supply chain is a clear differentiator. Our current investment in Tagbox is part of the initial set of investments being made in strategically relevant digital startups,”
Prior to this, TagBox had raised angel investment from Indian Angel network and the IAN Fund in October 2017. With this round, IAN & the IAN Fund which claims to have invested INR 3.5 Cr in Tagbox till date exited the company after receiving the 3X return within 18 months of investment.