Express News Service By

KOCHI: It’s funding time for startups in the State. Only days after US firm FullContact acquired Kochi-based startup Profoundis, Zybo Tracking Solutions, incubated by the Kerala State Industrial Development Corporation (KSIDC), received `60 lakh as seed funding from Netherlands-based Grasshoppers.

The funding will help the company develop and market its application Trackbizz, which targets the country’s SME market. In August, VST Travels, another KSIDC-incubated company, had received `1.8 crore in funding from Dubai-based Promatas Group. The funding in Zybo Tracking will be completed in a period of six months-two years.

Grasshoppers director Alex Wijnen and Zybo Tracking Solutions CEO Sunil P Johny signed a memorandum of understanding (MoU) on the funding at a function held here, in the presence of KSIDC managing director Dr M Beena and Mentorguru managing director S R Nair. So far, Grasshoppers has invested EUR 50,000(around Rs 37.5 lakh) in three Kerala startups, including Zybo Tracking, Metprop and Semelon.

“We will be investing Rs 60 lakh in Zybo Tracking over a period of six months-two years. Grasshoppers wants to create a bridge between Kerala and the overseas market for value-added agricultural products,” said Alex Wijnen.

Trackbizz can be used by sales and service companies for automating their field operations so as to reduce operation costs and increase revenue. Trackbizz will help companies propel their business to the next level with high productivity within just 30 days, for Rs 399/user per month. The idea of the product was conceived in April 2015, and the company started its development in October 2015 at the incubation centre at Infopark.