Indian Angel Network invests in LoudCell
The investment will be used for recruitment, growth, building the brand, development of the current products and increasing the portfolio of products
Mumbai: Indian Angel Network (IAN) on Thursday said it has invested in LoudCell Technologies Pvt. Ltd, a Delhi-based fuel and energy management start-up. The amount of investment was not disclosed.
“The investment will be used for recruitment, growth, building the brand, development of the current products and increasing the portfolio of products. LoudCell’s technology solution provides customers actionable intelligence and insight into their diesel usage profile,” LoudCell’s co-founder Ramesh Gupta said in a statement. The company was founded in 2012 by Gupta and Ashish Srivastava.
LoudCell makes a tamper-proof device which can be attached to a diesel generator (DG) to collect data on its usage, helping customers save diesel cost and cut inefficiency. The company claims it can detect even very small amounts of fuel theft and can deliver this information to customers from remote locations in real time. LoudCell says it aims to help consumers reduce their carbon footprint.
According to a company statement, India has an estimated installed base of more than 5 million DGs of capacity greater than 15 kilovolt-amps, which is growing. These generators consume $13 billion worth of diesel annually. The company is also looking to provide the solutions to emerging in markets - such as Africa and South East Asia.
Editor's Picks »
- What ABB India’s performance in June quarter says about capex growth
- Bajaj Finance does well in Q1 even as competition hots up
- Kotak Mahindra Bank: The perils of being priced to perfection
- Higher cane price crushes hopes of sugar mills
- Market optimism before 2019 general election: History may not repeat itself