MoveinSync, an Indian startup that offers mobility solutions to blue-chip companies for workplace commuting, is working with investors to raise a growth round, according to people familiar with the discussions.
The 14-year-old startup is working with investors to raise about $50 million to $60 million, part of which is to offer a partial exit to some early backers, the people said, requesting anonymity as the matter is private. Bessemer Venture Partners is one of the investors involved in MoveinSync, two of the people said.
Founded by Deepesh Agarwal and Akash Maheshwari in 2009, MoveinSync offers a range of employee mobility solutions to meet the requirements of large companies.
These include an employee transportation automation SaaS platform called MoveinSync Ion that helps companies manage their employees’ office commutes, and an end-to-end employee mobility solution, MoveinSync One, that provides access to cabs, buses and buses. The startup also offers a parking management solution to allow managers and facility managers to allocate parking spaces that employees can reserve on the go.
The investment talks come at a time when overall deal activity in India remains sluggish, especially for growth-stage startups. MoveinSync declined to comment, while Bessemer Venture Partners did not respond.
The startup has amassed more than 450,000 monthly active users who make more than 2.5 million monthly trips, according to an investor presentation reviewed by TechCrunch. It aims to be ready for an IPO in the next 2-3 years, with an average revenue rate of $47 million and 2.2x year-over-year growth, he wrote in the presentation.
MoveinSync has approximately 200 enterprise customers across 24 cities in India and three international markets, namely the Philippines, South Africa and Sri Lanka. The startup’s clients include 3 FAANG companies, 2 leading consulting firms, 2 Big 4 accounting firms, more than 30 global software companies and 30 global banks. The client 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 investors, raised $8 million in a Series B round led by Nexus Venture Partners in April 2018.
