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

MoveinSync, an Indian startup offering mobility solutions to blue-chip businesses for workplace commute, is engaging with investors to raise a growth round, according to people familiar with the deliberations.

The 14-year-old startup is engaging with investors to raise about $50–$60 million, part of which is to offer partial exit to some early backers, the people said, requesting anonymity as the matter is private. Bessemer Venture Partners is one of the investors that is engaging with MoveinSync, two people said.

Founded by Deepesh Agarwal and Akash Maheshwari in 2009, MoveinSync offers a range of employee commute solutions to meet the requirements of large-scale businesses.

These include a SaaS platform to automate employee transportation called MoveinSync Ion that helps businesses manage the office commutes of their employees and an end-to-end employee commute solution, MoveinSync One, that provides access to cabs, shuttles and buses. The startup also offers a parking management solution to let facility managers and admins allocate parking spaces that employees can book on the go.

The investment talks are happening at a time when the overall dealmaking activity in India remains slow, especially for growth-stage startups. MoveinSync declined to comment, whereas Bessemer Venture Partners did not respond.

The startup has amassed over 450,000 monthly active users who take over 2.5 million monthly trips, according to an investor presentation reviewed by TechCrunch. It aims to be IPO-ready in the next 2–3 years, with an average revenue rate of $47 million and a 2.2X year-on-year growth, it wrote in the presentation.

MoveinSync has around 200 enterprise customers across 24 cities in India and three international markets, namely the Philippines, South Africa and Sri Lanka. The startup’s customers include 3 FAANG businesses, 2 top consulting firms, 2 Big 4 accounting firms, over 30 global software businesses, and 30 global banks. The customer base includes Adobe, Amazon, Facebook, Google, Microsoft, Salesforce, McKinsey and Company, PwC, KPMG, Goldman Sachs, JP Morgan and Wells Fargo, among others.

The startup, which also counts Inventus Capital Partners, Saama Capital, Qualcomm Ventures and Athera Venture Partners as its investors, raised $8 million in a Series B round led by Nexus Venture Partners in April 2018.