US-based startup Ennoventure on Tuesday announced it has raised around Rs 37 crore from Fenice Investment Group, which it plans to leverage for growth of business in India.
The company provides technology to track and tracing of products and identifying counterfeit items.
"The fund will be used for expanding the team. We will be expanding the technology team and business development teams in the US and Europe market as well. In the US and Europe it may not be purely counterfeit but an interactive feature also. It will be more of connected packaging," Ennoventure co-founder Padmakumar Nair said.
The company has a research and development team in India.
"We have primarily entered in India only. All our customers are in India. We are working with some of the biggest FMCG and pharma companies. Some of their products retail in billions of units. India is a key market for us in the immediate and foreseeable future, the funding will help us to reach out to a large number of organizations," Nair said.
Ennoventure has 25 member team of which 90 percent work in the technology team. The company plans to double the workforce to 50 by using the fund that it has raised