Bengaluru-based employee transportation company MoveInSync has raised $15 million in Series C funding led by Bessemer Venture Partners to strategically advance its employee commute solutions, emphasize an accelerated transition to electric vehicles, and eye international expansion to align with sustainability goals.
MoveInSync, founded in 2009 by IIT BHU graduates Deepesh Agarwal and Akash Maheshwari, has been at the forefront of transforming employee commutes, especially in IT, ITeS, and manufacturing.
The latest funding injection will predominantly fuel the growth of MoveInSync One, a comprehensive platform integrating fleet management, operations, and technology to enable cost-effective employee commutes for enterprises.
“The funds will also go towards expanding our business within the international markets like the Philippines, South Africa, and the Middle East,” said Cofounder and CEO Deepesh Agarwal.
Key Developments
MoveInSync One, designed with a Software as a Service (SaaS) operational model, empowers existing fleets to optimize their operations, particularly emphasizing electric vehicle integration.
This move aligns with the company’s commitment to supporting major Fortune 500 clients in achieving net-zero goals. The platform’s operating model not only aids in cost optimization but also facilitates the transition to EVs for employee commutes.
Despite facing a temporary setback due to the COVID-19 pandemic, MoveInSync claims to have been EBITDA-positive for the last 15 months.
With a revenue of INR 500 crores in FY23, the company envisions reaching a top line of INR 1,500 – INR 1,800 crores in the next three years. Agarwal also revealed plans for an IPO within the next three years.
“Today, MoveInSync has transformed commute and secured the trust of more than 300 enterprises, of which 70 are on the Fortune 500 list. MoveInSync has grown at 50 percent y-o-y for the past six years and has been EBIDTA positive over the last 15 months,” Deepesh Agarwal said.
“We are focussed on growth now and 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 added.
Transition to Electric Vehicles
In response to the global push for sustainability, MoveInSync has successfully increased EV penetration among its clients from 2.5 percent to nearly 10 percent over the last 12 months. The funding from Bessemer Venture Partners will further support the company’s commitment to an eco-friendly commute solution.
Additionally, The company’s CEO, Deepesh Agarwal, highlighted the significant opportunities arising from the Indian government’s initiatives to promote local manufacturing and the growing need for safe and secure commutes, particularly for women entering the workforce.
“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.
This Series C funding round, six years after a successful $8 million Series B round led by Nexus Venture Partners, sees continued support from existing investors such as Inventus Capital Partners, Saama Capital, and Qualcomm Ventures.
MoveInSync’s strategic funding, coupled with its innovative MoveInSync One platform, positions the company as a key player in the evolving landscape of employee transportation.
The focus on electric vehicle integration aligns with global sustainability goals, reflecting the company’s commitment to providing efficient, secure, and eco-friendly commute solutions.
“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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