Netradyne will use the fresh funds to develop products and expand geographical footprint to Mexico, France, Germany, Italy, and Spain by early 2023
Its offerings include fleet management, safety, compliance and insurance
The startup claims that its AI product Driver•i has assessed over 5 Bn driving miles. It is presently operating in India, the US, UK, Canada, Australia and New Zealand
SaaS startup Netradyne has raised $65 Mn from Silicon Valley Bank, which is in a mix of senior and junior mezzanine (debt) financing.
In essence, mezzanine financing is a mix of debt and equity funding that gives an investor the right to convert debt (debentures) into equity (equity stocks) in a company only after other VCs and investors are paid.
Netradyne will use the fresh funds to develop its products and expand its geographical footprint to Mexico, France, Germany, Italy, and Spain by early 2023.
“It has been a pleasure to work closely with Avneesh and the Netradyne team over the past several years to support their continued growth and expansion. Netradyne’s fleet safety and tracking solutions are great examples of innovative solutions and technologies being developed right here in San Diego,” said Eric Otterson, managing director for Silicon Valley Bank.
Founded in 2015 by Avneesh Agrawal, Netradyne is a SaaS startup that provides solutions to digitise and safeguard the transportation industry. Its offerings include fleet management, safety, compliance and insurance.
Netradyne collects and analyses data points and meaningful information to help organisations enhance safety, improve retention, increase profitability, and enable end-to-end transparency, according to the statement.
“Our continued momentum is a testament to Netradyne’s focus on helping fleets succeed with industry-leading safety technology. After five years in business we have set some unprecedented market-leading best practices, and this round of funding from SVB will help propel us forward,” said Agrawal.
Netradyne has recently onboarded and promoted a slew of leaders–Durgadutt Nedungadi, Heather Engen, Pramod Akkarachittor, Tom Schmitt and Michael Campos in the organisation. It presently has a headcount of more than 500 employees across the globe.
Netradyne claims that its AI product Driver•i has assessed over 5 Bn driving miles. It is presently operating in India, the US, UK, Canada, Australia and New Zealand.
In the Indian SaaS segment, the startup competes with the likes of UserStudy, WebEngage and Toplyne.
As per a report, the country’s SaaS industry received capital infusions of up to $4.5 Bn in 2021, up by 170% from 2020. The SaaS industry is likely to become a $30 Bn market by 2025, capturing 9% of the global SaaS market by 2025.