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Numadic raises $2.5M in pre-Series A round

numadic funding

Numadic, a tech startup offering solutions in the vehicle mobility segment, announced that it has raised $2.5 million in a pre-Series A round led by 9Unicorns and Venture Catalysts.

Chona Family Office and angel investors who include senior executives from Netmagic, Oracle, and Google also participated in the round. The funding was done at a valuation of $20 million.

Numadic plans to use the freshly raised funds for recruitment and product development.

Established by Luke Sequeira, Aprup Shet, and Haston Silva, Numadic is a vehicle interface platform that builds apps and APIs to facilitate autonomous vehicle payments. From vehicle identification, payments to document exchange, Numadic strives to deliver new-age fintech solutions to “undisrupt” the movement of people and cargo.

Commenting on the investment, Apoorva Ranjan Sharma, Co-founder, 9Unicorns/Venture Catalysts, said, “As the fintech revolution continues to grow in India, we are seeing numerous fintech startups transforming people’s lives for the better. Numadic is one of the go-getters in this segment, who is using the power of technology and a team of industry experts to effectively modernise the operations of the logistics industry and its stakeholders.”

Supported by a team of logistics and mobility solutions experts, the flagship product of Numadic is Nu Fuel, which facilitates fuel payments over the FASTag network. Hemica, another offering, enables banks, automakers, and financial service providers to automate and simplify vehicle payments. Finally, Nu Toll enables FASTag issuers (like banks) to offer a white-label solution to their end-customers to manage their FASTags better.

Luke Sequeira, Founder & CEO – Numadic said, “We are moving closer to a world of autonomous vehicles. Autonomous payments for those vehicles will come first. Numadic is delighted to imagine and engineer this future, enabling vehicle autonomy on the payments front. This new round of funding fuels our next phase of growth towards undisrupting vehicle movement.”

Numadic seems to be an interesting startup in the vehicle mobility space offering innovative solutions. I’m sure the company will continue to prosper in its journey ahead. My best wishes to the team of Numadic.

Shishir Gupta, Founder and CEO, StartupLanes

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