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MoveInSync engages investors in funding discussions

TL;DR

  • MoveInSync has announced that it is in discussions with potential investors to raise funds.
  • Paving the way to IPO readiness.

MoveinSync, an Indian startup founded in 2009 by Deepesh Agarwal and Akash Maheshwari, is actively engaged in discussions with investors to secure a growth round of funding. The aim is to raise approximately $50–$60 million, with a portion of the funds allocated for a partial exit to early backers, according to sources familiar with the matter who requested anonymity due to the confidential nature of the discussions. Bessemer Venture Partners is reportedly among the investors participating in these talks.

MoveInSync wants to raise $60 million

The 14-year-old startup has carved a niche for itself by offering comprehensive mobility solutions tailored for workplace commutes, primarily catering to blue-chip companies. One of MoveinSync’s flagship offerings is MoveinSync Ion, a Software as a Service (SaaS) platform designed to automate employee transportation. This platform assists large-scale companies in efficiently managing the office commutes of their employees. In addition to Ion, MoveinSync provides MoveinSync One, an end-to-end employee commute solution that grants access to cabs, shuttles, and buses.

The startup also addresses the parking management needs of its clients, allowing facility managers and administrators to allocate parking spaces that employees can conveniently book on the go. While MoveinSync and Bessemer Venture Partners have not officially commented on the ongoing funding negotiations, reports suggest that these talks come at a time when the overall dealmaking activity in India, particularly for growth-stage startups, has experienced a slowdown. An investor presentation reviewed by TechCrunch provides insights into MoveinSync’s impressive user metrics.

Paving the way to IPO readiness

The startup boasts over 450,000 monthly active users, contributing to more than 2.5 million monthly trips. Demonstrating a forward-looking vision, MoveinSync aims to position itself as IPO-ready within the next 2–3 years. The company projects an average revenue rate of $47 million and a robust 2.2X year-on-year growth rate. MoveinSync’s operational footprint extends across 24 cities in India and spans three international markets: the Philippines, South Africa, and Sri Lanka.

With around 200 enterprise customers, the startup has established itself as a key player in the corporate mobility solutions space. Notable names among its clientele include Adobe, Amazon, Facebook, Google, Microsoft, Salesforce, McKinsey and Company, PwC, KPMG, Goldman Sachs, JP Morgan, and Wells Fargo. The diverse customer base encompasses three FAANG companies, two top consulting firms, two Big 4 accounting firms, over 30 global software companies, and 30 global banks.

MoveinSync’s success is further underscored by its investor backing, which includes Inventus Capital Partners, Saama Capital, Qualcomm Ventures, and Athera Venture Partners. In a Series B funding round led by Nexus Venture Partners in April 2018, the startup successfully raised $8 million, contributing to its growth trajectory. As MoveinSync navigates the funding landscape, the reported growth round signifies its strategic intent to expand its reach and enhance its offerings within the dynamic landscape of employee commute solutions.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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