MoveinSync, an Indian startup specializing in providing mobility solutions for workplace commute to blue-chip companies, is currently in talks with investors to raise a growth round of funding. The company, founded in 2009 by Deepesh Agarwal and Akash Maheshwari, aims to secure around $50–$60 million, part of which will be used to offer partial exit opportunities to some of its early backers.
Key Takeaway
Indian startup MoveinSync is seeking $50–$60 million in funding to fuel its expansion plans. The company offers workplace commute solutions to blue-chip companies and has gained a significant user base with its comprehensive mobility offerings. With a strong presence in the Indian market and international expansion underway, MoveinSync aims to achieve IPO readiness within the next few years.
Engagement with Investors
According to sources familiar with the matter, MoveinSync is engaging with investors to secure funds for its expansion plans. While the specific investors have not been disclosed, Bessemer Venture Partners is mentioned as one of the parties involved in the discussions.
Mobility Solutions for Large-Scale Companies
MoveinSync offers a variety of employee commute solutions tailored to the needs of large-scale companies. Its flagship products include the MoveinSync Ion, a SaaS platform that automates employee transportation, and MoveinSync One, an end-to-end employee commute solution that provides access to cabs, shuttles, and buses. The startup also offers a parking management solution that enables facility managers and admins to allocate parking spaces that employees can book on the go.
Impressive User Base and Growth
With over 450,000 monthly active users and 2.5 million monthly trips, MoveinSync has seen significant traction in the market. The startup aims to achieve IPO readiness within the next 2–3 years, with an average revenue rate of $47 million and a year-on-year growth of 2.2x.
International Presence and Enterprise Customers
MoveinSync operates in 24 cities across India and has expanded to three international markets: the Philippines, South Africa, and Sri Lanka. The startup boasts an impressive customer base, which includes major players such as Adobe, Amazon, Facebook, Google, Microsoft, Salesforce, McKinsey and Company, PwC, KPMG, Goldman Sachs, JP Morgan, and Wells Fargo, among others.
Funding History
MoveinSync has received funding from prominent investors, including Inventus Capital Partners, Saama Capital, Qualcomm Ventures, Athera Venture Partners, and Bessemer Venture Partners. In its Series B funding round led by Nexus Venture Partners in April 2018, the startup raised $8 million.
