MoveinSync, an Indian startup specializing in mobility solutions for workplace commuting for prominent companies, is currently in discussions with investors to secure funding for its growth phase, according to sources familiar with the matter.
The 14-year-old company is seeking to raise approximately $50–$60 million, with a portion of the funds intended to facilitate a partial exit for early supporters, individuals privy to the matter revealed on the condition of anonymity due to the confidentiality of the issue. Among the investors involved in discussions with MoveinSync is Bessemer Venture Partners, as indicated by two sources.
Established in 2009 by Deepesh Agarwal and Akash Maheshwari, MoveinSync provides an array of employee commute solutions tailored to the needs of large-scale corporations. Its offerings encompass MoveinSync Ion, a SaaS platform automating employee transportation management, and MoveinSync One, an end-to-end employee commute solution offering access to cabs, shuttles, and buses. Additionally, the startup provides a parking management solution, enabling facility managers to allocate parking spaces that employees can book on the fly.
The investment talks coincide with a period of sluggish dealmaking activity in India, particularly for growth-stage startups. MoveinSync chose not to comment on the matter, while Bessemer Venture Partners did not respond to inquiries.
According to a reviewed investor presentation, the startup has garnered over 450,000 monthly active users, generating more than 2.5 million monthly trips. It aims to be IPO-ready within the next 2–3 years, projecting an average revenue rate of $47 million and a year-on-year growth of 2.2x.
With a presence in 24 cities in India and three international markets (the Philippines, South Africa, and Sri Lanka), MoveinSync serves around 200 enterprise customers. Its clientele includes three FAANG companies, two top consulting firms, two Big 4 accounting firms, over 30 global software companies, and 30 global banks. Notable clients comprise Adobe, Amazon, Facebook, Google, Microsoft, Salesforce, McKinsey and Company, PwC, KPMG, Goldman Sachs, JP Morgan, and Wells Fargo.
Having garnered support from investors such as Inventus Capital Partners, Saama Capital, Qualcomm Ventures, and Athera Venture Partners, MoveinSync previously raised $8 million in a Series B round led by Nexus Venture Partners in April 2018.
