Tummoc Raises $1 Million In Pre-Series A Funding The funds will be utilized for the implementation of National Common Mobility Ticketing (NCMT) across tier 1 and tier 2 cities
By Teena Jose
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Tummoc, a multi-modal connectivity platform, has raised $1 million in pre-Series A funding round led by Inflection Point Ventures. As per the company, the funds raised will cover various aspects such as the recruitment and training of personnel, the development of technology and software, the expansion of the system, marketing initiatives, and administrative requirements.
"We're grateful to have completed our pre-series-A round. The funds acquired will be utilised in MaaS (Mobility as a service) implementation for Bengaluru and Delhi which will be the first of its kind solution in India. Additionally, Tummoc will enable ITM (Integrate Transport Management) for key state and city transit agencies to help them digitize their transit infrastructure,thus building Transit for India," said Hiranmay Mallick, CEO, Tummoc.
Tummoc is a comprehensive transit technology platform that offers multi-modal connectivity solutions to State Transport Authorities (STAs). It enables users to have a seamless journey experience through a single transaction, incorporating features like intracity journey planning, online bus and metro tickets bookings and convenient first-to-last mile connectivity, everything in one single app.
"Urbanization brings with it related challenges of traffic and pollution as experienced in large cities of other developed nations like US, UK, etc where use of public transportation is far more prevalent. Traveling with ease is one and the most vital element for any commuters, which is exactly what Tummoc intends to deliver with its multi-modal connectivity platform. This platform offers all the key services needed for local travel. We at IPV look forward to providing strategic support and help Tummoc penetrate new regions," said Rahul Wagh, managing director, Inflection Point Ventures.
When considering the transit market in India, it consists of approximately 75 million commuters on a daily basis, with a total market value of $20 billion. In an official release, Tummoc said that it aims to capture 25% of the market's attention within the next two years. As for the global market size, the information is not available. Looking ahead, it is also estimated that the market size in India will reach 90 million users on a daily basis within the next three years.
