Tummoc Secures $1 Million in Pre-Series A Funding to Revolutionize Public Transit Connectivity in India
- ByStartupStory | June 22, 2023
Bengaluru-based mobility startup Tummoc has successfully raised $1 million in a pre-Series A funding round, led by Inflection Point Ventures (IPV). The funding will be utilized for various purposes including recruitment and training, technology development, system expansion, marketing initiatives, and administrative requirements. Tummoc aims to implement Mobility as a Service (MaaS) solutions for Bengaluru and Delhi, revolutionizing the transit experience and offering an integrated transport management system for state and city transit agencies.
Hiranmay Mallick, CEO of Tummoc, expressed gratitude for completing the pre-Series A round and highlighted the significance of the funds raised. “The funds acquired will be utilized in MaaS implementation for Bengaluru and Delhi, which will be the first of its kind solution in India,” Mallick stated. He further added, “Tummoc will enable ITM for key state and city transit agencies to help them digitize their transit infrastructure, thus building Transit for India.”
Tummoc is a comprehensive transit technology platform that provides multi-modal connectivity solutions to State Transport Authorities (STAs). By offering a single app for intracity journey planning, online bus and metro ticket bookings, and convenient first-to-last mile connectivity, Tummoc aims to create a seamless travel experience for users.
Rahul Wagh, Managing Director of Inflection Point Ventures, emphasized the importance of Tummoc’s multi-modal connectivity platform in addressing the challenges of urbanization. “Traveling with ease is one of the most vital elements for any commuters, which is exactly what Tummoc intends to deliver with its multi-modal connectivity platform,” said Wagh. He expressed IPV’s commitment to providing strategic support to help Tummoc expand its reach into new regions.
The transit market in India comprises approximately 75 million daily commuters, with a total market value of $20 billion. Tummoc aims to capture 25% of the market share within the next two years. Furthermore, it is projected that the daily user base in India will reach 90 million within the next three years.
With the infusion of funds and strategic support from IPV, Tummoc is poised to transform the public transit landscape in India, providing commuters with enhanced convenience and seamless connectivity across various modes of transport.
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