Mumbai, February 10, 2020: India’s first, largest and pioneering integrated incubator and accelerator platform Venture Catalysts recently invested in Altor, a startup that builds IoT and AI-enabled smart helmets. Currently catering to the B2B segment, Altor aims to make the life of two-wheeler riders safe, thereby enabling increased business efficiency and better fleet management.
Altor utilizes a combination of hardware and software to develop a complete solution, right from providing insightful in-vehicle data to companies for better fleet management, to providing accident protection which reduces life losses on the roads, to ultimately making the protective head-gear extremely endearing to its users, so that business efficiency is increased significantly, that too in a much safer way.
The company was founded by four young entrepreneurs coming from an engineering background, namely Shamik Guha, Sayan Tapadar, Muhammad Bilal Shakil and Anirban Datta Gupta.
Sharing his insights, Dr. Apoorv Ranjan Sharma, President and Co-Founder, Venture Catalysts, said, “The connected mobility solutions market is one of the fastest-growing ones in India and presents huge potential to investors. Around 470 million connected vehicles are estimated to hit the roads by 2025, with the market registering a strong, double-digit CAGR of 19% throughout the forecast period. While it is still growing, Altor has made great strides in this domain. Besides the hardware solution, its comprehensive SaaS model aids companies to increase fleet efficiency in a cost-effective way. We believe the latest round of funding will allow Altor to further expand its reach and scale up operations.”
Commenting on the funding round and their association with Venture Catalysts, Muhammad Bilal Shakil, Co-Founder & CTO-Hardware, Altor, added, “We believe our product can be a game-changer for this whole new economy of two-wheeler driven services,which boasts of being the most heavily funded sector currently (more than 20B USD over the past 3 years). Our plan is to utilize the current round of funding to optimise the product and to establish a clear market and solidified client base, across several geographic locations. We are very excited about the investment from Venture Catalyst due to the deep expertise of our investors in scaling new and promising businesses.”