Transportation Solutions Provider TempoGO Secures $825K Seed Funding From Hong Kong Based K2 Capital

IoT and SaaS-based techno-logistics solution provider TempoGo has secured $825K in its Seed round of funding led by K2 Capital of Hong Kong.

Founded in 2015 by Pranav Shirke and Aaditya Goyal, TempoGO’s IoT-based software includes a GPS-based hardware unit that tracks vehicle’s location and speed. It also comes with a built-in sensor, in addition to an OBD 2 adapter to automatically record and transmit engine data as well as vehicle behaviour including sudden acceleration or deceleration.

The SaaS layer includes trip management and fleet management software and a dashboard for actionable business intelligence using data analytics.

Pranav Shirke, co-founder and COO of TempoGO said, “With the second-largest road network in the world, India has over 8 Mn commercial transportation vehicles that drive across the length of 4.7 Mn kms of roads. But unbelievably, nearly 75% of these do not yet leverage technology.”

The company claims that its IoT solution has been used in more than 1,800 inter-city trips in India covering more than 650K kilometres, for around 300 clients, including the likes of Bisleri, Blue Dart, Oyo Rooms, and Havells.

TempoGo was incubated at Prototyze, the incubator that’s supported other startups including Mobiefit, a mobile fitness company; HandyTrain a mobile-based SaaS platform for corporate training; and Seynse, a fintech startup that operates a digital lending platform called Loan Singh.

In June 2016, New Delhi-based transportation solution provider in the B2B segment, Gobolt raised an undisclosed amount in its Pre-Series A round. In the same month, freight logistics marketplace Dipper Technologies raised an undisclosed amount from unnamed angel investors. Following that, in October 2016, Chennai-based B2B logistics startup FR8 raised about $971K (INR 6.5 Cr) from agritech-focussed VC firm Omnivore Partners.

TempoGO competes with other startups like LogiNext, Telematics4u, AssetTrackr, and Locanix among others.