Tummoc, a multi-modal connectivity platform, has raised $1 million in a pre-series A round led by Inflection Point Ventures. The company said that the funds raised will be used in 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. “The funds will be utilized to establish and promote the NCMT system, ensuring its successful implementation and operation,” it said in a statement.
Tummoc is a transit technology platform that offers multi-modal connectivity solutions to State Transport Authorities (STAs). It offers features like intracity journey planning, online bus & metro tickets bookings and convenient first-to-last mile connectivity.
“The government is doing its part with improving the overall infrastructure and ideas like Tummoc are expected to play a big part in this process. We at IPV look forward to providing strategic support and help Tummoc penetrate new regions,” said Rahul Wagh, Managing Director, Inflection Point Ventures.
“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. MaaS integrates multiple modes into a single journey ticket. This includes the first, middle and last mile. It will enable 15 million daily commuters across Bengaluru and Delhi to avail a single mobility ticket. Next, we plan to take this to 10+ cities,” said Hiranmay Mallick, CEO, Tummoc.
India’s transit market consists of approximately 75 million commuters on a daily basis, with a total market value of $20 billion. Tummoc aims to capture 25 per cent of the market’s attention within the next two years, it said.
