GrowthCap Ventures invests In ridesharing mobility startup Advance Mobility

GrowthCap Ventures, an early-stage venture capital firm, has entered the mobility sector with its first investment in Advance Mobility, a ridesharing startup. The investment marks a strategic move by GrowthCap Ventures to support innovative solutions within the rapidly evolving mobility and fintech sectors.

The strategic investment signifies GrowthCap Ventures' commitment to nurturing innovative startups in the fintech and mobility sectors, leveraging Pratekk Agarwaal's extensive experience and network in the financial services, payments, and insurance ecosystems to drive growth and innovation, the company said in a media release.

Fostering innovation in mobility

Advance Mobility is redefining fleet operations on the Uber platform, aiming to tackle prevalent challenges in the mobility ecosystem. It offers solutions that benefit market players, customers, and drivers alike.

Pratekk Agarwaal, founder and general partner of GrowthCap Ventures, emphasized the significance of this move amidst India's rapidly transforming infrastructure and transportation sectors. 

"As India's infrastructure and transportation sectors undergo significant transformations, fueled by the government's robust initiatives and investments, the potential for innovative mobility solutions is unprecedented," Agarwaal said.

"The Union Minister of Road Transport and Highways, Shri Nitin Gadkari, has initiated several projects that are set to revolutionise India's mobility landscape. Advance Mobility, with its unique combination of finance, technology, and an enhanced mobility solution, is perfectly positioned to lead this transformation. We are thrilled to support in their journey," Agarwaal added.

Supporting high-potential startups

Founded by former Chief Business Officer at BharatPe Pratekk Agarwaal, GrowthCap Ventures has quickly established itself as a key player in the venture capital landscape. The firm is focused on identifying and supporting high-potential startups.

In February, GrowthCap Ventures secured an initial funding of Rs 20 crore from influential industry leaders and mentors.