Mumbai-based venture capital firm, Omnivore Partners has invested an undisclosed amount and picked up a minority stake in Bangalore-based IT and services startup, Retigence Technologies.
Founded in 2010 by Srinibas Behera and Pramod Mishra, Retigence Technologies provides business intelligence solutions for retail chains through inventory optimization system. Retigence provides solution to retailer’s problem by developing software that solves the overstocking and stockout situations in the retail industry, which the startup pegs as an $800 Bn problem.
Retigence’s flagship product Predictive Analytics Engine (PRAN™) has been developed through various algorithms to deliver big data solutions for inventory management.
Retigence plans to use the funds for R&D, launching new products and targeting clients globally. Presently, it serves retail chains like GS1 India and Heritage and pharmacy group like Appolo and Manipal Hospitals among others.
The venture capital firm is an early stage agri-tech focused investment fund. Just two months back, the VC firm had invested undisclosed amount in Food processing startup Y-Cook and about $1 Mn (Rs 6.2 Cr) in Ecozen Solutions, a company that makes solar-powered cold storage units for farmers.
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