Nexus Venture leads $8 Mn Series B round in MoveInSync

MoveInSync
Image credit: MoveInSync

Transport automation platform, MoveInSync Technology Solutions has raised a Series B round of $8 million (approx Rs 53 crore) led by Nexus Venture Partners.

The funding round also saw a participation of existing investors Inventus Capital Partners, Saama Capital and Qualcomm Ventures.

MoveInSync will use the fresh proceeds t develop the end-to-end transport offerings, accelerate customer acquisition and increase in footprints in international markets.

The startup was floated in 2009 by Deepesh Agarwal, Akash Maheswari, and Anuvrata Arora and was incubated at the Indian School of Business, Hyderabad, in the same year. Earlier the founders had started it as a carpool service but later pivoted into a full-fledged transportation management platform.

Employee Transportation Solution (ETS)–one of company’s flagship product for employee transport management is offered as a service (SaaS) and is used to track employee cab usage records, provides automated billing with reduced discrepancies and carries safety features for female passengers.

Also Read: Healthtech startup LiveHealth raises $1.1 Mn  from Nexus Ventures 

MoveInSync, whose management solution is used by the likes of Google and Microsoft for transporting employees, claims to have optimised over 100,000 trips on monthly basis. It also added that its customers are seeing over 20 per cent cost reduction within six months of implementation of MoveInSync system.­­­­

The series B round seems to have come after a significant gap for the startup. In 2015, it had raised an undisclosed amount of venture debt investment from InnoVen Capital India, a non-banking financial corporation.

Prior to that, 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 2014.

The development was reported by ET.

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