January 4, 2023, Mumbai: NymbleUp, an AI-based SAAS platform for operations automation and workforce management, today announced that it has raised INR 3 Cr amount in a seed funding round led by Mumbai-based IvyCap Ventures Pvt Ltd. The round also saw participation from a prominent business leader.
Founded by a team of engineers with hands-on experience in retail and technology Yogesh Bhatt, Chief Executive Officer, Manish Thakur, Chief Technology Officer, Alhad Pofali, Chief Product Officer, NymbleUp was started with a vision to change the retail industry by automating decision-making in key aspects of retail operations using Artificial Intelligence. Starting their operations in 2019, NymbleUp is the workforce management solution that uses AI-based forecasting to predict demand across all demand channels of the end user, solution works well for organizations using flexible and hourly workers. The platform helps in managing the cost of labor while ensuring customer service and statutory guidelines are followed. Additionally, NymbleUp also offers solutions for digitizing store tasks, audits, and expiry management.
The new fund-raised will support NymbleUp in the expansion of its team, allowing them to bring on talent and sector expertise. NymbleUp also has plans to enhance its technology to go deeper into current offerings with a focus on providing best-in-class user experience across all stakeholder touchpoints. The funds will also be used to develop inroads into the US and South East Asia market
Talking about their plan to utilize the raised fund, Yogesh Bhatt, CEO of NymbleUp, said, “We are excited to take NymbleUp to the next level. This seed funding will enable us to accelerate the growth of NymbleUp, expand our team and explore new markets. Our goal is to become the leading B2B SAAS platform, helping businesses improve their efficiency and productivity across their operations. Raising this round is a major milestone for NymbleUp, and we are grateful to have the support of IvyCap Ventures. Their expertise and guidance will be invaluable as we continue to build our team and develop our product. We look forward to working together to achieve our shared goals and bring value to our customers.”
The global workforce management software market is valued at USD 7.03 billion in 2020 and is expected to reach USD 9.93 billion by 2026, achieving a CAGR of 6.38% during the period. There is a fundamental shift in workforce planning whereby industries such as retail, warehousing, healthcare, and hospitality are rapidly trying to adapt to flexible hourly gig workers. Solutions that automate onboarding, optimize labor costs, and employee engagement is witnessing rapid adoption. NymbleUp is providing services to enterprise customers in the retail industry and solving this complex problem.
NymbleUp’s automated scheduling ensures to have the right skill sets available across all hours to service customers. The solution generates schedules considering sales demand, operations guidelines, and team availability. By using NymbleUp, retailers can gain real-time visibility into their operations, allowing them to make data-driven decisions and respond quickly to changes in demand. Today the brand is working with some of the most recognized Food Services Brands globally including Restaurant Brands Asia Limited (Formerly Known as Burger King India Ltd), an American fast food major brand, and a global cafe brand with more than 350 cafes in India.
Speaking about the investment, Vikram Gupta, Founder and Managing Partner, IvyCap Ventures Advisors Pvt Ltd, said “Post-COVID, resource management in retail outlets has become one of the most complex issues in India and Globally. NymbleUp uses its advanced AI-based forecasting to provide services to improve efficiency in the operations and management of resources in retail outlets. Coming from similar backgrounds, I believe the founders understood the issues at a grassroots level and have cracked the technology to solve this problem. We are excited to join them in their growth journey.”