Bengaluru-based employee transportation startup MoveInSync Technology Solutions has raised $8 Mn in Series B funding round led by Nexus Venture Partners. Existing investors including Inventus Capital Partners, Saama Capital and Qualcomm Ventures also participated in this round.
The startup plans to use the funding to further develop end-to-end transport offerings, accelerating customer acquisition and pace up its launch in the international markets.
Commenting on the development, Deepesh Agarwal, CEO, MoveInSync, said, ““We created a ‘made
in India’ solution to address the market need, and are now excited with the opportunity to increase our customer base and take this solution to international markets. This investment further validates the company's vision of using technology to bring efficiency and predictability in the transportation market. By leveraging MoveInSync’s transport automation solution, companies see increased employee satisfaction and are able to address employee safety.”
On the development, Anup Gupta, Managing Director Nexus Venture Partners, said, “We are impressed by MoveinSync’s platform and its significant impact on the customers and their employees. Office commute offers huge potential for innovation by leveraging technology to significantly improve efficiency and employee experience. We are very excited to partner with Deepesh, Akash and the MoveInSync team in the next phase of their journey of
creating a market leading platform.”
MoveInSync: Syncing Transporation For Corporates
Founded in 2009 by Deepesh Agarwal, Akash Maheshwari and Anuvrata Arora, MoveInSync helps companies manage their employee transportation in a cheaper and more efficient manner with the use of state of the art technology.
The company claims that its flagship Employee Transportation Solution (ETS) for employee transport management is offered as a service (SaaS) and is used to track employee cab usage records, provides automated billing with reduced discrepancies and carries safety features for female passengers.
The comprehensive transportation solution provides transport managers and transport administrators complete control and visibility over their transport operations in real time.
MoveInSync was incubated at the Indian School of Business, Hyderabad and currently has a strong engineering team of 40 people and operations team of more than 50 people.
The company offers its services to 50 companies including Google, Facebook, Amazon and Microsoft amongst others, where the solutions are used by 150K employees in 18 cities to commute to office and back. MoveInSync has seen 100% Y-o-Y growth for 4 years covering 350 Mn kms across 16 Mn trips spread across 173 office locations in India in the last year.
By charging a licensing fee and leasing hardware, MoveInSync earned 300 Mn in revenues in FY 17 to become operationally profitable, and aimed to achieve $1 Bn in FY18.
In August 2014, the company raised $2 Mn in Series A funding from Inventus Capital Partners, Saama Capital and Qualcomm Ventures for expansion of the existing business lines.
Later in July 2015, it raised an undisclosed amount of venture debt investment from InnoVen Capital India, a non-banking financial corporation. The funding was to be used for MoveInSync’s working capital requirements and to attract more clients for its transportation management solution.
The startup majorly competes with the likes of Routematic amongst others.
Despite various players identifying requirements of corporates, the employee transportation system is a largely untapped market. Amid this, startups like MoveInSync have made their space and are moving forward with investors belief and extensive use of the funding raised to make a mark in the space.