Mumbai Angels invest In Algorhythm, Pune based supply chain solutions firm
Mumbai Angels, India's premier group of angel investors has made an early stage investment in Algorhythm Tech Pvt Ltd, a Pune based supply chains solutions firm,
Tweet-- 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.
Notes to Editor
About Mumbai Angels
Mumbai Angels is India's premier group of angel investors. Started in November 2006, it has over 100 members currently, and has made more than 20 investments in last 3.5 years including companies like Inmobi, Apalya, Myntra, Speakwell and Reverse Logistics.