Fleet platforms MoveInSync, Routematic foray into ride-hailing space
Fleet platforms MoveInSync Technology Solutions Pvt. Ltd and Routematic will enter the ride-hailing segment focusing on office-goers in Bengaluru and Pune, respectively, The Economic Times said.
This will bring them in direct competition with hyper-funded ride-hailing service providers Uber and Ola, which dominate the market. Uber, which has a presence in 36 cities, reported a 40% increase in profit for its India operations for the year ended March 2018, and clocked 11% of its global rides from India. Ola, which halved its losses for the financial year through 31 March 2018, is in talks with a joint venture of South Korean companies Mirae Financial Group and Naver Corp to raise funding.
MoveInSync, which raised money from InnoVen Capital in 2015, was founded in 2009 by IIT-BHU graduates Deepesh Agarwal, Akash Maheshwari and Anuvrata Arora. The company’s cabs are hired by enterprise clients like Microsoft and Google, which also use the firm’s software to optimise routes. MoveInSync will be using the data it has collected so far through its operations in 20 cities to target commuters during peak-hour traffic who are willing to pay a premium on their rides.
“Our strength and differentiator lie in our patented routing and matching algorithm. Adding to it the experience and extensive data we have collected over the years, we are able to provide customers a reliable and guaranteed arrival time to their workplace,” said Deepesh Agarwal, CEO of MoveInSync, in the report.
Routematic, owned by Nivaata Systems Pvt. Ltd, and with a significant presence in Pune, will use data from its fleet management system to optimise routes for the cabs. “This would be restricted to certain routes and we will match riders going to the same office or IT park. Riders would have to sign up with their official ID, which will be the first layer of verification,” said Surajit Das, CEO of Routematic, in the report. The company was founded in 2007 and is backed by Blume Ventures and Vamm Ventures.