MoveInSync raises $15 million from Bessemer Venture Partners

Bengaluru: MoveInSync, which provides cab-hailing services to enterprises, raised $15 million (Rs 125 crore) in a Series C funding round from Bessemer Venture Partners, the company said in a news release.

The company will deploy the proceeds to drive the growth of MoveInSync One, a product that encompasses fleet, operations and technology, empowering enterprises to offer cost-effective and seamless commutes for their employees, it said.

MoveInSync One’s operating model also helps cost optimisation in using electric vehicles for employee commutes, the company said. This has resulted in an increase in EV utilisation to nearly 10% from 2.5% by its clients over the last 12 months.


“While we have been consistently growing among the IT, ITeS and banking and finance sectors, the government’s initiatives to manufacture in India have created a significant opportunity for us. At the same time, with more women joining the workforce, the need for safe and secure commute cannot be compromised," cofounder and chief executive Deepesh Agarwal said.

Part of the fundraise will go towards expanding international presence in markets such as the Philippines, South Africa and the Middle East, as well as to pay employees redeeming the shares issued to them under stock option plans.

“We think that MoveInSync, with its software-enabled full stack mobility platform, has the potential to establish itself as the go-to solution for enterprises seeking to ensure an effortless office commute experience for their employees," said Vishal Gupta, partner, Bessemer Venture Partners.

MoveInSync is backed by Saama Capital, Qualcomm Ventures, Athera Venture Partners and Nexus Venture Partners. The company said it transports half a million employees of 300 enterprises every day across the globe.