Funding by Nexus Partners, Inventus Capital, Saama Capital and Qualcomm Ventures
India, April 2, 2018: MoveInSync Technology Solutions, the leading office commute automation platform, has raised $8million Series B round of funding led by Nexus Venture Partners with participation from existing investors Inventus Capital Partners, Saama Capital and Qualcomm Ventures. MoveInSync has emerged as the largest office commute platform in the country. The company will use the funding to further develop the end to end transport offerings, accelerate customer acquisition and launch international markets.
MoveInSync’s platform enables employers to significantly reduce costs, improve efficiency and compliance of employee transport through best-in-class product. The platform uses patented algorithms to ensure optimum vehicle utilization and employee commute time. It also includes automatic vehicle tracking during office commute from pick-up to drop point and a centralized command centre to address growing concern for safety of employees’ especially women. MoveInSync’s platform enables enterprises to manage their significant spend on transport vendor invoices. The company has over 50 customers including Google, Microsoft, Amazon, Adobe, Wipro and other Fortune 500 companies. MoveInSync has seen 100% year on year growth for 4 years covering 350 million kms across 16 million trips spread across 173 office locations in India in the last year.
Speaking on the funding, Deepesh Agarwal, Co-Founder & CEO said, “We created a ‘made in India’ solution to address the market need, and are now excited with the opportunity to increase our customer base and take this solution to international markets. This investment further validates the company’s vision of using technology to bring efficiency and predictability in the transportation market. We are very excited at impact of our platform with our customers seeing more than 20% cost reduction within 6 months of implementation of our system. By leveraging MoveInSync’s transport automation solution, companies also see increased employee satisfaction and are able to address employee safety.”
MoveInSync was founded in 2009 by Deepesh Agarwal and Akash Maheshwari. The company has created the market of employee transportation automation, and previously raised Series A round from Inventus Capital Partners, Qualcomm Ventures and Saama Capital.
Anup Gupta, Managing Director Nexus Venture Partners, said, “We are impressed by MoveinSync’s platform and its significant impact on the customers and their employees. Office commute offers huge potential for innovation by leveraging technology to significantly improve efficiency and employee experience. We are very excited to partner with Deepesh, Akash and the MoveInSync team in the next phase of their journey of creating a market leading platform.”
MoveInSync has created the market of employee transportation automation. It was the first company to be incubated by the Indian School of Business to be rated in 2018 among the top-100 fastest growing company in Asia Pacafic by Financial times. Headquartered in Bangalore, MoveInSync today services more than 50 marquee clients like Google, Microsoft, Amazon, Adobe, Wipro and other Fortune 500 companies across 19 cities. With MoveInSync, it becomes mandatory for every cab and driver to follow strict compliance of systems and routes. The patented algorithms optimize vehicle utilization and routing for the cabs or buses which have contributed to an average of 15% – 20% savings of client’s employee transportation cost (which is the 3rd biggest cost centre after employees’ salaries and office rent), higher employee satisfaction and improved safety and compliance. http://www.moveinsync.com/