GrowthCap Ventures, an early-stage venture capital firm has made its maiden investment in Advance Mobility, marking its entry into the mobility sector. Advance Mobility is a ridesharing mobility start-up specialising in scalable fleet operations on the Uber platform.
Founded by Pratekk Agarwaal, GrowthCap Ventures focuses on investments in the fintech, deeptech, and SaaS sectors. With a focus on identifying and supporting high-potential start-ups, the firm's investment in Advance Mobility underscores its dedication to backing start-ups that shape the future of transportation.
Pratekk Agarwaal, Founder and General Partner at GrowthCap Ventures, said, “As India's infrastructure and transportation sectors undergo significant transformations, fueled by the government's robust initiatives and investments, the potential for innovative mobility solutions is unprecedented. The Union Minister of Road Transport and Highways, Shri Nitin Gadkari, has initiated several projects that are set to revolutionise India's mobility landscape.”
He further added, “Advance Mobility, with its unique combination of finance, technology, and an enhanced mobility solution, is perfectly positioned to lead this transformation. We are thrilled to support them in their journey.”
In February this year, GrowthCap Ventures secured an initial funding of Rs 20 crore. The fund was supported by a strong lineup of LPs and mentors, including industry leaders such as Beerud Sheth of Gupshup, Naresh Naik of Irep Capital, Shankar Vailaya of ShareKhan, and others.
Speaking about the funding, Agarwal said, “For our inaugural fund, we have selectively garnered investments from accomplished operators who have successfully built large organisations. This exclusive funding opportunity is by invitation only."
Similarly, Advance Mobility also raised $2 million in a seed round in February this year. It was led by Finvolve, a B2B wealth management firm. In a press statement, the company said that it will use the funding to expand to other cities.
