Early-stage technology fund, Silverneedle Ventures announces its investment in a Pune-based startup, ThingsUp, a low-code platform helping businesses to build and deploy IoT applications in a short duration of time. The startup has raised $600K in a Seed round from Silverneedle Ventures, Udyat Ventures, Lead Angels, GSF (an existing investor), and other angel investors. The investment will be used to double down on the product development, sales & operations teams.
The market already has 14 Billion+ IoT Nodes connected to the internet which is growing at the rate of 25% year on year. With the launch of 5G, the market size is expected to increase 10 times in the next 4-5 years. Usually, the development & deployment time of any IoT application or use case is 8 to 12 months, but ThingsUp fills this gap with its low code platform which reduces the development time by 80%. It has built-in application templates for popular use cases such as electric vehicles(EV) monitoring, supply chain monitoring, telematics, logistics and asset tracking which businesses can use and go live within weeks.
Founded by Akshay J Ghadage and Pranav H Naiknavare, ThingsUp is currently focusing on the Electric Vehicle mobility & cold supply chain logistics segment, Thingsup counts 30+ Enterprise companies including some of India’s largest EV OEMs as customers. With the help of ThingsUp, enterprise customers can make their products smart and connected within weeks saving 80% of development efforts and time. Thingsup’s EVe monitoring platform offers a connected vehicle ecosystem that has electric vehicle diagnostics, monitoring, vehicle performance analytics and other features in compliance with the EV policy of India. Started 2 years ago, Thingsup already has 12000+ IoT nodes on its platform processing more than 1 terabyte of data every day. Thingsup is currently solving the problem of Electric vehicles diagnostics, monitoring and Cold supply chain monitoring via its SaaS solution. With this fundraise Thingsup will launch 2 more solutions focusing on solving EV OEM’s problems related to vehicle performance, diagnostics and Compliance.
On the fundraising, Mr Pranav H Naiknavare, Co-Founder & CTO of, ThingsUp said, “ThingsUp will be utilizing these funds to add further integrations and analytics to current products, which will allow customers to get more data insights and improve operational efficiencies on global scale.”
Mr Abishek Balendran, Investment Partner, Silverneedle Ventures on the investment said, “The IoT platform SAM for ThingsUp is ~$5.0 Bn+ and use cases within subsegments such as EV mobility and smart devices are expected to grow at ~30%+ CAGR over the next 5-7 years. Hence, the market is large enough for Akshay and the team to be able to gain a fair share of the pie. Additionally, with offerings around the entire IoT tech platform (low code, on-premise deployment support, pre-built templates etc.) + an end-to-end IoT app and the core tech platform being fairly sector agnostic, we believe, ThingsUp has created a local product but with a fairly wide-range and comprehensive global application”
Mr Akshay J Ghadage, Co-Founder & CEO of, ThingsUp said, “IoT is not just hype anymore, more than 50% of physical things will be connected to the Internet in the next 5 years. In this growing trend of digitalization and IoT, we believe we have got the right timing with the right offering”