Carpooling as a concept has started to gain momentum in India. The presence of multiple players like Zify, Ridingo, Letsride further reinforces that this concept has a long way to go.
Cubito was yet another player which started of with cab sharing. But with the presence of a number of players and complexities involved in adoption and management and being tech entrepreneurs led Pranay Agrawal and Yash Patodia, graduates from BITS Pilani and founders of Cubito, to pivot into the transport logistics automation segment nine months back.
Neocube Technology Solutions Private Limited which runs and operate Cubito has just raised INR 1 Cr. in seed funding from Sol Primero.
What it offers?
Transport logistics is an exciting space, but it comes with its own set of complexities and hence there in lies the need to bring in some automation and organization.
Bangalore-based Cubito pivoted away from providing shared cabs and is now a technology-based enabler and has created a proprietary solution for corporates to manage its employee transportation.
Its flagship product Employee Transportation Automation Tool (ETAT) compiles all employee information, geo-codes the data and allocates the fleet, avoiding unnecessary paperwork and reducing the time spent in enabling to a matter of seconds. Imagine having an Uber or Ola like backend to control and manage all employee transportation!
The value add by ETAT, in terms of safety, ease of use, carbon footprint reduction and the time & cost savings has had a phenomenal response from the market. Today with technology leading the way, Cubito is targeting a multi-billion dollar market.
While Cubito’s ETAT focuses on Employee Transportation, the technology that has been developed in house is a solution for a wide variety of logistical problems.
Pranay & Yash says “With technology people tend to over complicate things and that is exactly how we differentiate ourselves. With a completely in-house proprietary technology and a brilliant set of mentors, we focus towards making the experience of enabling transportation as a business or using it as a consumer, extremely simple and a pleasure to deal with.”
Market Size, Traction & Future Plans
Employee transport and logistics as a whole is a $10 Bn market which Cubito is targeting to. With Air India SATS as its first client and working to close 4-5 more clients by month, Cubito plans to close at-least 15 clients in the next 6 months.
The startup further plans to go after the ecommerce and third party logistics space focusing on the last mile delivery optimization, truck route planning and others. Cubito, also plans to rollout certain smaller products targeting to the consumers.
The startup plans to use the funds raised for technological development and to drive expansion across verticals.
“Transport logistics is an exciting space. And with the growing costs and complexities, Cubito has done immensely well to position themselves and have brought out an amazing product which is simplifying the way transport logistics is dealt with today. They are at a good growth curve at the moment and things look promising for them considering the market trends and needs. Both founders are highly motivated individuals from BITS Pilani and I am glad to be able to help fellow BITSians.” – Phanindra Sama, Co-Founder, RedBus.in
Cubito is incubated at Kyron Global Accelerator and currently, the startup has presence in Mumbai, Bangalore & Delhi. Launch in 2012, Cubito, had previously raised INR 1 Cr. in funding in 2013 and currently is working with a team of 11.
As part of this transaction, Presha Paragash from Sol Primero which is also an investor in Smart Pocket, Ridingo and few others, will be joining the board of Cubito. Commenting on the transaction, Presha Paragash says, “We believe, they have the ability to take logistics management both on the employee transportation side and last mile delivery to the next level due to the superior technology that they have developed.”