Bengaluru-based employee transportation startup MoveInSync Technology on January 29th said that it has raised $15 million in its Series C funding round from Bessemer Venture Partners to fast-track its transition to deploying more EVs for employee commute.
The company will deploy the funds toward the growth of MoveInSync One, its platform that encompasses fleet, operations, and technology that helps enterprises offer cost-effective commutes for their employees.
In addition to MoveInSync One, the company runs MoveInSync Ion, which is centered around its Software as a Service (SaaS) operational model. This platform assists existing fleets in utilizing the company's commute platform.
“The funds will also be utilized towards expanding our business within the international markets like Philippines, South Africa, and the Middle East,” said Cofounder and CEO Deepesh Agarwal to Moneycontrol.
Founded in 2009 by IIT BHU Graduates Deepesh Agarwal and Akash Maheshwari MoveInSync offers a range of employee commute solutions to companies across sectors like IT, ITeS, and other areas.
The firm claims to be EBITDA positive for the last 15 months after facing a blip due to the Covid-19 pandemic which led to an overall slowdown in the shared mobility segment. The firm has clocked a revenue of Rs 500 crores in FY23 and has charted plans to reach a top line of Rs 1,500 - Rs 1800 crores in the next three years.
“Today MoveInSync has transformed commute and secured the trust of more than 300 enterprises out of which 70 are Fortune 500 enterprises. MoveInSync has grown at 50 percent y-o-y for the past 6 years and has been EBIDTA positive over the last 15 months,” Agarwal said.
Agarwal also said that the 14-year-old firm will look to go for an IPO in the next 3 years.
“We are focussed on growth now and we are investing in that. As and when the markets are right and we have attained the targets we will look for an IPO in the next three to four years,” he said.
The company is seeing a lot of traction in the manufacturing sector presently. The firm helps in reducing the cost of transporting employees to companies by as much as 30 percent annually.
“We are investing more on safety and security features within our platform as we are seeing a lot of demand from the manufacturing segment where there is an increase in women workforce,” Agarwal said.
EV transition is key
MoveInSync One’s operating model helps cost optimization in using EVs for employee commutes.
“As some of our major Fortune 500 clients are moving towards going net zero, we are focussed on EV transition too.
We have transitioned some of our rides to EVs and it has resulted in an increase in EV penetration among our clients from 2.5 percent to nearly 10 percent over the last 12 months,” Agarwal said.
The fundraise comes nearly six years after the firm raised $8 million in a 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.
“We are delighted to back Deepesh and Akash. We think that MoveInSync, with its software-enabled full stack mobility platform, has the potential to establish itself as the go-to solution for enterprises seeking to ensure an effortless office commute experience for their employees,” said Vishal Gupta, Partner, Bessemer Venture Partners.
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