Info-tech

NDOT in talks with foreign venture capital funds to raise $10 m

Rajesh Kurup Mumbai | Updated on January 09, 2018 Published on November 06, 2017

Coimbatore-based NDOT, an IT developer offering enterprise mobility software as a service, is in talks with several foreign venture capital funds to raise about $10 million. The company will use the proceeds for development and expansion of its taxi management suite, Taximobility.

“We are relaunching the app and the investment would be mainly used for its development and expansion over the next five years. The funding would be also used to develop mobility products for transportation and logistics,” NDOT CEO and Managing Director Nandakumar Somasundaram said.

The company will also use it to setup offices in India to service 10 regions across the world such as Asia-Pacific, the US, Dubai, Vietnam and China among others.

“We are in talks with foreign VCs and expect to close the funding by March 2018,” he said, but did not divulge the names of the VCs the company was in talks with.

Taximobility is a taxi management suite capable of handling more than 10,000 taxis at a time. Founded in May 2008, NDOT has offices in California and Dubai.

Published on November 06, 2017
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