GenNext leads Series B round for India's Covacsis

Financial details of the transaction were not disclosed. Networking giant Cisco and existing investor Blume Ventures also took part in the round.

Mumbai-based Covacsis - which stands for collaborative value creation by strategic and innovative solutions - was founded in 2009 by two IIT Bombay graduates. The company's flagship product, Intelligent Plant Framework (IPF), allows greater operational efficiency in factors through real-time tracking and analysis of machinery and productivity.

In 2012, the company received a INR25 million ($460,000) seed stage round of funding from Blume alongside IIT Bombay incubator SINE and India Venture Partners.

According to The Times of India, the company wants to become a machine-to-machine (M2M) player in that its software will allow both wireless and wired systems to communicate with other devices of the same type. Big data analytics forms the core of its product.

Covacsis has gained traction in the pharmaceutical sector as well as in textiles, cement and fast-moving consumer goods.

Its client list includes over 20 large manufacturing companies including Cipla, Sun Pharmaceuticals, Godrej Industries, Tata Rallis, Ruchi Soya, Ipca Labs, Trident Group, Raymond and Welspun. The funding will be used for product improvements, recruitment and geographical expansion.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• Technology
• Early-stage
• India
• Technology
• Venture
• Blume Ventures
• GenNext Ventures