MoveinSync, a leading provider of employee commute solutions for blue-chip companies, is reportedly seeking to raise $50-60 million in fresh funding to further expand its operations and enhance its technology platform. According to a TechCrunch report, the Indian startup is engaging with investors to raise a growth round.
A part of the fresh funding is to offer partial exit to some early backers, the report noted. MoveinSync is still in discussions with investors, one of them being Bessemer Venture Partners, about the same. In April 2018, the company raised $8 million in a Series B funding round led by Nexus Venture Partners. Its other backers include Inventus Capital Partners, Saama Capital, Qualcomm Ventures, and Athera Venture Partners.
The 14-year-old startup, founded by Deepesh Agarwal and Akash Maheshwari, has witnessed significant growth, amassing over 450,000 monthly active users who take over 2.5 million monthly trips.
MoveinSync offers a comprehensive suite of employee commute solutions, including its SaaS platform MoveinSync Ion, which helps companies manage employee transportation seamlessly, 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 to streamline parking allocation and booking.
With its impressive user base and strong customer portfolio, including 3 FAANG companies, 2 top consulting firms, 2 Big 4 accounting firms, over 30 global software companies, and 30 global banks, MoveinSync is poised for continued growth. The fresh funding will enable the company to expand its reach into new markets, invest in product development, and strengthen its team.
Apart from expansion and product development, the company aims to be IPO-ready within the next 2-3 years. With an average revenue rate of $47 million and a 2.2X year-on-year growth, MoveinSync is well on its way to achieving IPO readiness.
As MoveinSync secures fresh funding and continues its growth trajectory, it is poised to revolutionize the employee commute landscape, providing companies with efficient and sustainable transportation solutions that enhance employee satisfaction and productivity.