Blume Ventures invests in IIT Bombay-incubated startup Covacsis
Summary
Early-stage VC fund Blume Ventures announced another investment in Bombay-based Covacsis, a software company founded in 2009 and incubated at IIT Bombays Society for Innovation and Entrepreneurship (SINE). Covacsis stands for Collaborative Value Creation by Strategic & Innovative Solution and it enables tracking of machinery and productivity in real time. Basically, they track efficiency with the help of software and analytics and with its solutions it has got some well known clients like Sun Pharma, Ipca Labs, Cipla, Godrej Industries, Tata Chemicals, Welspun, Raymond Limited and Ruby Mills within a short span of time. Another reason that made Blume believe in the companys performance was that though it was bootstrapped by Mishra completely, its product was so good that it had started garnering significant revenue by the time the investors came in. Last month, in its quarterly report, Blume disclosed four of its fresh investments which cut across sectors like mobile apps, e-commerce and B2C portals.
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