NymbleUp, an AI-based SAAS platform for operations automation and workforce management, announced that it has raised INR 3 Cr amount in a seed funding round led by Mumbai-based IvyCap Ventures Pvt Ltd.
The round also saw participation from a prominent business leader, a statement said.
Founded by a team of engineers with hands-on experience in retail and technology Yogesh Bhatt, Chief Executive Officer, Manish Thakur, Chief Technology Officer, Alhad Pofali, Chief Product Officer, NymbleUp was started with a vision to change the retail industry by automating decision-making in key aspects of retail operations using Artificial Intelligence.
Starting their operations in 2019, NymbleUp is the workforce management solution that uses AI-based forecasting to predict demand across all demand channels of the end user, solution works well for organizations using flexible and hourly workers. The platform helps in managing the cost of labour while ensuring customer service and statutory guidelines are followed.
The new fund-raised will support NymbleUp in the expansion of its team, allowing them to bring on talent and sector expertise. NymbleUp also has plans to enhance its technology to go deeper into current offerings with a focus on providing best-in-class user experience across all stakeholder touchpoints. The funds will also be used to develop inroads into the US and South East Asia market, the statement said.
Talking about their plan to utilize the raised fund, Yogesh Bhatt, CEO of NymbleUp, said, “We are excited to take NymbleUp to the next level. This seed funding will enable us to accelerate the growth of NymbleUp, expand our team and explore new markets. Our goal is to become the leading B2B SAAS platform, helping businesses improve their efficiency and productivity across their operations. Raising this round is a major milestone for NymbleUp, and we are grateful to have the support of IvyCap Ventures. Their expertise and guidance will be invaluable as we continue to build our team and develop our product. We look forward to working together to achieve our shared goals and bring value to our customers.”
Speaking about the investment, Vikram Gupta, Founder and Managing Partner, IvyCap Ventures Advisors Pvt Ltd, said “Post-COVID, resource management in retail outlets has become one of the most complex issues in India and Globally. NymbleUp uses its advanced AI-based forecasting to provide services to improve efficiency in the operations and management of resources in retail outlets. Coming from similar backgrounds, I believe the founders understood the issues at a grassroots level and have cracked the technology to solve this problem. We are excited to join them in their growth journey.”
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