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India’s MoveinSync eyes $50–60M in fresh funding

Image Credits: Peter Adams (opens in a new window)/ Getty Images
Image Credits: Peter Adams (opens in a new window)/ Getty Images

According to individuals who are aware of the discussions, MoveinSync, an Indian company that provides mobility solutions to blue-chip corporations for workplace commutes, is now engaging with investors to fund a growth round.

The 14-year-old firm is engaged with investors to raise around $50–$60 million. A portion of the funds will be used to provide a partial exit to specific early funders, according to the persons who requested anonymity since the topic is confidential. According to the statements of two individuals, Bessemer Venture Partners is one of the investors collaborating with MoveinSync.

Deepesh Agarwal and Akash Maheshwari founded MoveinSync in 2009, offering various employee commuting solutions. These solutions are designed to fulfill the requirements of large-scale businesses.

One of them is a software-as-a-service (SaaS) platform called MoveinSync Ion, which lets businesses manage their workers’ commutes to and from work. Another is MoveinSync One, an end-to-end employee commute solution that gives employees access to taxis, shuttles, and buses. Additionally, the business provides a parking management system that enables facility managers and administrators to assign parking spots to employees, who can reserve those spaces while on the go.

The discussions on investments are taking place when the general dealmaking activity in India is still relatively slow, particularly for businesses in the development stage. Bessemer Venture Partners did not respond, while MoveinSync declined to comment.

As stated in an investor presentation that TechCrunch examined, the firm has gathered more than 450,000 monthly active customers who have taken more than 2.5 million journeys every month. The presentation stated that it intends to be ready for an initial public offering (IPO) over the next two to three years, with an average revenue rate of $47 million and a growth rate of 2.2 times year-on-year.

Within India, MoveinSync serves around 200 business clients in 24 different locations. The company also operates in three foreign markets: the Philippines, South Africa, and Sri Lanka. Three of the FAANG enterprises, two of the top consulting firms, two of the Big Four accounting firms, over thirty global software companies, and thirty worldwide banks are among the customers of the brand-new business. Among the companies that make up the customer base are Adobe, Amazon, Facebook, Google, Microsoft, Salesforce, McKinsey & Company, PwC, KPMG, Goldman Sachs, JP Morgan, and Wells Fargo, to name just a few.

In April of 2018, the business, which also has investors such as Inventus Capital Partners, Saama Capital, Qualcomm Ventures, and Athera Venture Partners, was able to collect $8 million through a Series B investment that Nexus Venture Partners headed.

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