Bengaluru-based SaaS platform, MoveInSync, specializing in workplace commute solutions, has successfully raised $15 million in a Series C funding round led by Bessemer Venture Partners. Facilitated by The RainMaker Group (TRMG), a secondary stake sale advisory firm, this investment marks a significant milestone for MoveInSync. The funds secured will be channeled towards the expansion of MoveInSync One, an integrated commute solution covering fleet management, operations, and technology. This strategic move aims to empower enterprises in providing cost-effective and efficient commuting solutions for their employees.
Deepesh Agarwal, Co-founder and CEO of MoveInSync, expressed the company’s commitment to growth, highlighting their consistent expansion within IT, ITES, Banking, and Finance sectors. He also emphasized the new opportunities arising from the Indian government’s initiatives to promote local manufacturing. Additionally, the increasing presence of women in the workforce has underlined the critical need for safe and secure commuting solutions.
Vishal Gupta, Partner at Bessemer Venture Partners, expressed his confidence in MoveInSync’s potential, particularly praising the software-enabled full stack mobility platform. Gupta believes that MoveInSync has the capability to become the preferred solution for enterprises seeking seamless office commute experiences for their employees.
MoveInSync has garnered support from various investors, including Saama Capital, Qualcomm Ventures, Athera Venture Partners, and Nexus Venture Partners. With this fresh infusion of funds, MoveInSync plans to enhance the capabilities of existing fleet owners, optimizing their operations and extending their global presence. The company is eyeing markets such as the Philippines, South Africa, and the Middle East for expansion.
A notable aspect of the funding allocation is the provision for employees to liquidate their Employee Stock Ownership Plans (ESOPs). This move is expected to further align the interests of the workforce with the company’s growth trajectory. Deepesh Agarwal highlighted that MoveInSync has been actively participating in Environmental, Social, and Governance (ESG) initiatives for the past 24 months. The backing from Bessemer Venture Partners is seen as a significant catalyst to accelerate growth and further enhance MoveInSync’s position in the market.
In summary, the $15 million Series C funding round led by Bessemer Venture Partners has positioned MoveInSync for substantial growth. The expansion plans for MoveInSync One, coupled with the global market targeting and the emphasis on ESG initiatives, underscore the company’s commitment to providing innovative and comprehensive solutions for workplace commuting challenges.
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