A company that offers industrial machinery predictive maintenance solutions, Infinite Uptime, has raised $18.85 million in what it refers to as a “Series B3 round.” Along with Tiger Global, existing investors GSR Ventures, VenturEast, Mayfield, and THK took part in the round. Innovative impact investor KOIS, based in Belgium, is another supporter of the business.
According to a press release from Infinite Uptime, this funding will allow the company to further increase its global market share and increase value delivery and service quality across industry segments.
In December 2020, VenturEast led a $5.15 million Series B funding round for the industrial IoT (internet of Things) company. The Series B2 round, according to the company, occurred in December 2022.
The technology of Infinite Uptime, led by Raunak Bhinge, uses vibration monitoring to remotely diagnose faults in large industrial machinery and offer recommendations. The business states that it serves more than 300 clients worldwide and primarily caters to the manufacturing sectors of cement, steel, metals & mining, FMCG, chemicals, oil & gas, power, pharma, tire, automotive, construction, pipes, and others.
The Pune-based startup counts companies like Vedanta Group, JSW Group, Tata Group, THK, Schlumberger, Marubeni Group, Ceat Tyres, Aditya Birla Group, and Coca Cola among its notable clients.
Infinite Uptime increased its operating scale by 2.3X to Rs 10 crore in FY22 from Rs 4.3 crore in FY21. The company’s losses increased 94.4% to Rs 16.17 crore during the year from Rs 8.32 crore in FY21, according to the annual financial statement.
This is Tiger Global’s first investment in a fresh Indian startup in 2023. In February of this year, the New York-based investor made an investment in PhonePe, a member of its portfolio.
The VC already stopped making significant investments in 2022 and was totally absent from the investment scene in January, March, and April of this year. At a $650 million valuation, it is reportedly in talks to invest $40 million in Rajasthan Royals, an Indian Premier League (IPL) team.
