Delhi-based smart network layer platform, i2e1, that aims to provide low-cost internet to users and actionable analytics to providers, has raised $500K (INR 3.34 Cr.) in a seed round of funding led by growX ventures. IIT-Delhi, where i2e1 was incubated, is also a shareholder in the company.
As part of the deal, Sheetal Bahl, MD & CEO at growX ventures will join the Board of i2e1.
This round also saw participation from angel investors such as Mohandas Pai, Sameer Mahandru, Rajan Pandhare, Debasish Mitter and Singapore Angel Network.
Related Article: i2e1 Raises $3 Mn From Omidyar Network And Existing Investors
i2e1 will utilise the raised funds to expand its team as well as operations and strengthen its data analytics.
Founded by Satyam Darmora, Maanas Dwivedi, Ashutosh Mishra, Gaurav Bansal and Anugrah Adams. i2e1 is a smart data management platform that aims at leveraging low cost technology solutions combined with the power of Big Data and Machine Learning systems to offer affordable/ free Wi-Fi and internet to customers, and an improved understanding of customers to brands/ merchants/ venues. It also leverages advanced machine learning systems to create valuable insights and increase revenue and profitability for brands and merchants.
Speaking on the development, Satyam Darmora, co-founder of i2e1 said, “At i2e1, we are challenging ourselves to create a model which will bridge the information gap for at least 500 Mn people over the next 5-7 years. Our aim is to build a connected ecosystem where information is available to everyone, at the right time and the right place, to enable better and faster decision-making. While there are many application-level platforms, network-level platforms are still unexplored despite having the potential to transform multiple business models.”
Currently, i2e1 is live across India with 100+ paying clients, including leading retail outlets, ISPs, and fast growing organizations in the hospitality industry like ZO rooms. The company is now looking to scale up to 5,000+ locations next year.
Sheetal Bahl, MD & CEO of growX ventures, said, “i2e1 is led by a very strong team with a grand and audacious vision – to do to the network layer what companies like Facebook have done to the application layer – free it up, in exchange for data allowing for a more meaningful connect between merchants/ brands and their consumers.”
Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.