Is Commutation a Problem, Here's a Way
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With today’s Indian metros facing a daunting task of managing traffic with respect to its citizens commuting to and from workplaces, a Bengaluru-based startup seemingly has solutions for the corporate sector to manage daily transportation of their employees in a comparatively cheaper and technology-driven manner. Now, a key aspect here is the fact that this venture has managed to grab the attention of key investors such as Qualcomm Ventures, and more.
This startup, called MoveInSync, founded by Deepesh Agarwal (who is also the CEO) and Akash Maheshwari (also the CTO), offers a tech platform to make office commute safe and efficient. Entrepreneur India interacted with Agarwal who was generous enough to shed lights on various funding related aspects; these are even worth emulating by the multitude of new ventures mushrooming in India by the day looking at wooing venture capitalists (VCs) through sustainable models.
Decoding MoveInSync’s approach to funding and the VCs
Firstly, it is important to note that MoveInSync has had two equity rounds, and the funds raised amount to USD 11 million. The venture recently raised Series B in a round led by Nexus Venture Partners.
“The company aims at solving the office commute problem,” stated Agarwal to Entrepreneur India.
The key problem-solving area for MoveInSync was to make office commuting simpler so as to maintain work productivity at the office at optimal levels.
“The office commute is important as employees reaching workplace directly impacts productivity. Many businesses in India run 24/7 and reliable public transport is not available round the clock,” observes Agarwal.
Agarwal believes that this model got the investors interested, as the problem represented here is an important issue.
As far as the investors backing Agarwal’s vision are concerned, they can be categorised into; Inventus capital partner, Saama Capital, Qualcomm ventures and Nexus Venture Partners.
“This round Nexus Venture partners have joined us. MoveInSync has been able to solve the problem of simplifying office commute for over fifty enterprises with five of the world’s largest companies as its customers. I think this gave the confidence to Nexus in the execution capabilities of the team,” added Agarwal.
Finally, it was the Software-as-a-Service (SaaS) technology driver which served as the icing on the cake with respect to securing funding for MoveInSync. Going forward, Agarwal envisions offering Transport-as-a-Service (TaaS) to add up to the list of service USPs of MoveInSync.
The sector scenario
With respect to transportation, Agarwal believes that this is a relevant issue globally considering the fact that the way people commute has been in-efficient. He believes that in developing economies viz. India and Sri Lanka, inefficiency has crept in due to the lack of public infrastructure.
In the more advanced nations possessing the required public infrastructure, this system is suffering from aspects such as low car utilization.
“Any technology which provides high utilization of vehicles, reducing cost will always remain relevant. Companies such as Uber are also good example of tech being used to increase utilization,” states Agarwal.
Fundraising tips for the newbie technology-driven startups in India
When asked to offer insights from the perspective of newbie startups, possessing robust technology-driven models, Agarwal advises that it is imperative to focus on building businesses in the right way; for funds to follow. He states that only thinking about the problem is not the right way.
“Funds will also chase the right business, be it MoveInSync or others,” signs-off Agarwal.