MoveinSync Initiates Funding Round, Targets $50–$60 Million Investment

• ByStartupStory     |    December 4, 2023

Indian startup MoveinSync, specializing in mobility solutions for workplace commutes to blue-chip companies, is reportedly in discussions with investors to secure a growth round, aiming to raise approximately $50–$60 million. This funding round includes a provision for a partial exit for some early backers, according to anonymous sources familiar with the matter. One notable investor engaging with MoveinSync is Bessemer Venture Partners.

Established in 2009 by Deepesh Agarwal and Akash Maheshwari, MoveinSync offers a suite of employee commute solutions tailored for large-scale enterprises. Their offerings include MoveinSync Ion, a SaaS platform automating employee transportation management, and MoveinSync One, an end-to-end employee commute solution providing access to cabs, shuttles, and buses. The startup also provides a parking management solution allowing facility managers to allocate parking spaces that employees can book on the go.

While overall dealmaking activity in India has been sluggish, especially for growth-stage startups, MoveinSync is actively pursuing this funding initiative. The startup, which did not provide a comment, has an ambitious vision of becoming IPO-ready in the next 2–3 years. As indicated in an investor presentation reviewed by TechCrunch, MoveinSync has achieved over 450,000 monthly active users taking 2.5 million monthly trips. The company boasts an average revenue rate of $47 million with a 2.2X year-on-year growth.

MoveinSync’s reach extends across 24 cities in India and three international markets—Philippines, South Africa, and Sri Lanka. Its diverse customer base includes notable companies like Adobe, Amazon, Facebook, Google, Microsoft, Salesforce, McKinsey and Company, PwC, KPMG, Goldman Sachs, JP Morgan, and Wells Fargo. The startup previously raised $8 million in a Series B round led by Nexus Venture Partners in April 2018 and has attracted investments from Inventus Capital Partners, Saama Capital, Qualcomm Ventures, and Athera Venture Partners.

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