IoT Startup Chariot bags Rs 2 Crore funding from GEMS Partners

Chariot, a startup providing end-to-end solutions via its universal IoT-enabled platforms and devices, has recently raised Rs. 2 crore from GEMs partners, a venture capitalist, in a Pre-Series A funding round.

The funds received will be utilized for servicing existing and future clients of Chariot, as well as for further product development and market expansion.

Nilay Mehrotra, Co-founder & CEO, Chariot said, “Raising investment for the first time marks a significant milestone for our start-up, at the core of which lies a dual ecosystem of Internet of Things (IOT) and Artificial Intelligence (AI). Within only one year of inception, Chariot has started working with large corporates and listed giants in India and across the globe. This investment by GEMs Partners will help us in further consolidating our reach at the global level, upgrading in-house technology platform, infrastructure and products, and also in pushing internal growth.”

Chariot is a digital enterprise connecting sensing devices to provide deep analytical capabilities in detecting patterns inside data streams. With an average month-on-month (MOM) growth of 45%, Chariot over the long-term looks to help the governments and consumers in making efficient choices based on an array of emerging technologies. So far, Chariot has to its credit executing a one-of-its-kind project in Maharashtra on Smart Water Metering; it is also getting lot of enquiries from both domestic and global markets and is delving into areas such as Automated Parking Systems, Smart Gas Management, Smart Waste Management, and so on.

According to Aditya Gupta, GEMs Partner, ‘IoT will become an integral part of our day-to-day lives! It is the future – in both homes, office & industries. It will also be the foundation as we move towards “smart cities”. Chariot, a world leader in both IoT devices and a universal back-end software platform, has huge market potential and growth opportunities. In addition, the founders’ experience, commitment and existing success played a huge part in our decision making.’

Chariot’s IoT platform delivers comprehensive Platform-As-A-Service (PaaS) and Software-As-A Service (SaaS) solutions for rapidly developing and operating big data, predictive analytics, and so on. Chariot platform has the potential to cater any industry requiring IoT solutions; however, as of now, the start-up is focused on catering the needs of Utilities, Industrial/Manufacturing, and Transportation sectors.

Raj Garg, Co-founder & CTO, Chariot adds, “At Chariot, we believe harnessing the power of technology is the key to sustainable world, as we see a marked increase in the use of IoT integrated products and devices across the globe. Our products are designed to exemplify the intelligence of AI and efficiency of Machine Learning, all of which are being combined to formulate a smart ecosystem providing real-time data insights for the tasks at hand.”