Transportation tech provider MoveInSync raises venture debt funding from InnoVen Capital
MoveInSync Technology Solutions Pvt Ltd, whose management solution is used by the likes of Google and Microsoft for transporting employees, has raised an undisclosed amount of venture debt investment from InnoVen Capital India, a non-banking financial corporation.
The funding will be used for MoveInSync's working capital requirements and to attract more clients for its transportation management solution, InnoVen Capital said in a press statement.
"MoveInSync is providing a solution to a fundamental issue faced by large corporates with respect to managing employee transportation costs while ensuring employee convenience and safety. We believe the team is well placed to capitalise on the latent demand in this segment," said Vinod Murali, managing director of InnoVen Capital, which was earlier known as SVB India Finance Pvt Ltd.
MoveInSync was founded in 2009 by Deepesh Agarwal, Akash Maheshwari and Anuvrata Arora, all of whom are graduates from IIT BHU. It was incubated by Indian School of Business, Hyderabad.
The company started as a carpool service but later pivoted into a full-fledged transportation management platform.
The startup currently provides a solution called Employee Transportation Solution (ETS) for companies to manage their cab fleet. The system works by installing a touch screen device inside the cab. This device then syncs with a web server and provides real time data on routing, usage records, tracking and reporting. The service uses a PIN-based authentication system to verify and track employees.
MoveInSync claims that in the last eight weeks, it has signed six new marquee clients adding 10,000 users to the platform. It now caters to over 100,000 users. MoveInSync counts Google, Microsoft, HSBC, Adobe, Oracle and Wipro among others as clients.
The company charges a licensing fee and also generates revenues by leasing hardware.
It had raised $5 million (over Rs 30 crore) in Series A funding led by Inventus Capital Partners, with participation from Qualcomm Ventures and Saama Capital in August last year.
Bangalore-based enterprise mobility solutions company Nivaata Systems Pvt Ltd, which operates under the brand Verayu, is MoveinSync's direct competition in the Indian market. Verayu had received an undisclosed amount in pre-Series A funding led by Vamm Capital, an investment and real estate firm in Dubai, with participation from existing investor Blume Ventures.
Cubito, another venture operating in the same space, had also raised under $165,000 in funding last year.