MoveinSync Targets $50 to $60 Million in Latest Funding Drive for Commute Innovation

MoveinSync, an innovative Indian startup specializing in workplace commute solutions, is currently in discussions with investors for a new round of funding. They aim to secure between $50 to $60 million.

MoveinSync’s Strategic Funding Round

This financing round is intended not only for growth but also to provide an opportunity for some of its early investors to partially exit. Sources who prefer to remain anonymous due to the private nature of these discussions shared vital details of this fundraising effort. Among the interested investors is Bessemer Venture Partners.

MoveinSync: Revolutionizing Corporate Commutes with Diverse Solutions

Established in 2009 by Deepesh Agarwal and Akash Maheshwari, MoveinSync has developed various solutions to streamline employee commutes for large corporations. Their offerings include MoveinSync Ion, a SaaS-based platform designed to manage employee transportation, and MoveinSync One, a comprehensive solution for accessing various commute modes like cabs, shuttles, and buses. Additionally, the company provides a dynamic parking management system that allows for efficient allocation and reservation of parking spaces.

MoveinSync’s Growth Amidst Challenging Investment Landscape and IPO Plans

This funding initiative is occurring amidst a generally subdued investment climate in India, particularly for startups in their growth phase. While MoveinSync has chosen not to comment on these fundraising efforts, Bessemer Venture Partners has not made any official statements.

According to a presentation for investors, MoveinSync boasts over 450,000 monthly active users and facilitates more than 2.5 million trips each month. The Indian startup plans to prepare for an Initial Public Offering (IPO) within the next two to three year. The company project an annual revenue rate of $47 million and a growth rate of 2.2 times year-over-year.

MoveinSync’s client base spans across 24 cities in India and extends internationally to the Philippines, South Africa, and Sri Lanka. Its impressive roster of clients includes notable names from various sectors, such as technology giants, consulting firms, accounting firms, software companies, and global banks, including Adobe, Amazon, Facebook, Google, Microsoft, Salesforce, McKinsey and Company, PwC, KPMG, Goldman Sachs, JP Morgan, and Wells Fargo.

In its previous funding round, a Series B led by Nexus Venture Partners in April 2018, MoveinSync successfully raised $8 million. The company’s other investors include Inventus Capital Partners, Saama Capital, Qualcomm Ventures, and Athera Venture Partners.

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