IIT Bombay incubated Covacsis raises Rs 2.5 cr from Blume Ventures & Others

IIT Bombay incubated Covacsis has raised Rs 2.5 cr from Blume Ventures, India Venture Partners and an undisclosed European fund, according to a report. Covascis which helps manufacturing companies to measure floor economics on a realtime basis will used the funds to expand its business in India and abroad.

The company already has an impressive client list including  Sun Pharma, Ipca Labs, Cipla, Godrej Industries, Tata Chemicals, Welspun, Raymond Limited and Ruby Mills, says the report.  The company is planning to raise a second round of funding (between $ 5 – $ 6 mn) next year.

Covascis was founded by Tarun Mishra, a 1999 IIT-B graduate and it was incubated in IIT Bombay in 2009.

Blume Ventures provides seed funding in the range of $50K – $250K to early-stage tech-focused/tech-enabled ventures. The fund also makes follow-on investments ranging between $500K and $1.5 mn.

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