Mumbai Angels has invested in Pune-based supply chain solutions firm Algorhythm Tech Pvt Ltd. Algorhythm has created a proprietary software platform embedded with Advanced Optimization Engine for customizing highly effective supply chain solutions. The amount invested or stake taken were not disclosed.
The company was set up by Ajit Singh (Chief Software Architect), Sandeep Pendurkar (COO) and Abhaya Borwankar (CEO). Gulu Mirchandani, owner of MIRC Electronics and part of Mumbai Angels, is the company chairman. Algorythm's clients include firms like Unilever, Nestle, Coca Cola, GSK, SAB Miller, Reckitt Benckiser in the CPG space, and Essar Steel, Uttam Galva, Thyssen Krupp, Mukand Ltd. etc. in the metals space.
Mumbai Angels has also invested in Bangalore-based Reverse Logistics Co, a company providing reverse supply chain solutions. Reverse Logistics raised funding from Reliance Venture Asset Management, Kleiner Perkins Caufield & Byers (KPCB) and Sherpalo Ventures this year.
“The investment from Mumbai Angels will bring great strategic benefits to Algorhythm as the investors are individuals with tremendous experience of various types of businesses and wide ranging contacts.We are happy to get Mumbai Angels as a partner at a time when the company is just beginning to take off on an upward path and the finance will go a long way in enabling us to achieve our objectives, said Sandeep Pendurkar, COO of Algorythm.
Source: IT Newsonline