25 July 2024 Punjab Khabarnama : Pneucons, a business-to-business (B2B) industrial marketplace, has raised an undisclosed amount of capital from Ather co-founder Tarun Mehta.
Mehta and Pritesh Lakhani, co-founder and CEO of Pneucons, first engaged on X, formerly Twitter, and the entire round was completed because of social media traction, the company said in a release on July 25.
The fresh capital will be used to expand the team, focus on more cross-border transactions across major engineering categories like fire safety, industrial automation and more.
Ahmedabad-based Pneucons aims to build a platform to cater to small and medium enterprise (SMEs) and micro, small and medium enterprises (MSMEs) across industries and engineering categories which don’t want to deal in credit.
“Despite initial hesitations from VCs and investors regarding a cash-based, cross-border marketplace, X (formerly Twitter) played an instrumental role in providing us with market validation….which ultimately connected us with investors who believe in our mission,” Lakhani said.
The company, founded in 2022, is present in more than 40 countries. In India it counts Indian Railways, ISRO, L&T and Telangana Power Plant among its customers.
For Mehta, this is yet another angel investment to grow his own portfolio of startups.
He is an investor in companies such as Upliance, a kitchen appliances startup, which later went on to raise money from Khosla Ventures.