MoveInSync, a Bengaluru-based SaaS platform specializing in workplace commute solutions, has successfully secured $15 million in a Series C funding round led by Bessemer Venture Partners. The funding round was facilitated by The RainMaker Group (TRMG), a secondary stake sale advisory firm.
The newly raised funds will be directed towards the expansion of MoveInSync One, a comprehensive commute solution covering fleet, operations, and technology. This platform aims to provide enterprises with a cost-effective and efficient commuting solution for their employees.
Deepesh Agarwal, Co-founder and CEO of MoveInSync, underscored the growing opportunities in India due to government initiatives for local manufacturing and the increasing participation of women in the workforce. He emphasized the critical need for a safe and secure commute for employees.
Vishal Gupta, Partner at Bessemer Venture Partners, expressed confidence in MoveInSync’s potential, stating, “We are delighted to back Deepesh and Akash. We think that MoveInSync, with its software-enabled full-stack mobility platform, has the potential to establish itself as the go-to solution for enterprises seeking to ensure an effortless office commute experience for their employees.”
MoveInSync’s Series C round received support from existing investors such as Saama Capital, Qualcomm Ventures, Athera Venture Partners, and Nexus Venture Partners.
The raised funds will empower MoveInSync’s 800-member team to enhance fleet optimization capabilities, expand global operations, and target new markets, including the Philippines, South Africa, and the Middle East. Additionally, a portion of the funds will be allocated for employees to liquidate their Employee Stock Ownership Plans (ESOPs).
Deepesh Agarwal expressed optimism about the company’s growth trajectory, stating, “Moreover, companies are increasingly embracing ESG initiatives, and MoveInSync has been fulfilling this mandate for all our clients for the last 24 months. With Bessemer Venture Partners backing our initiatives, we look forward to crafting a rapid 2024 growth story.”
With the backing of Bessemer Venture Partners and other prominent investors, MoveInSync is well-positioned to expand its footprint and drive innovation in workplace commute solutions, catering to the evolving needs of enterprises and employees alike.