The round was facilitated by The RainMaker Group (TRMG), a secondary stake sale advisory firm.
Bolstering MoveInSync One
MoveInSync said the raised capital will be used towards bolstering its comprehensive commute solution, MoveInSync One. The platform integrates fleet, operations, and technology to provide cost-effective and efficient commuting for employees.
Additionally, The funds will also enable the 800-member team at MoveInSync to enhance fleet optimization and expand their global presence in markets like the Philippines, South Africa, and the Middle East.
A portion of the raised capital will be allocated for employees to liquidate their Employee Stock Ownership Plans (ESOPs).
Additionally, the startup plans to focus on expanding its business in international markets. This expansion is part of MoveInSync's strategy to grow its footprint globally and cater to a wider audience.
What does MoveInSync do?
Founded in 2009, MoveInSync specializes in providing customized solutions for managing employee commutes. The startup's MoveInSync One service allows businesses to outsource their transportation operations.
The startup said that this service combines technology, fleet management, and personnel to create a comprehensive solution for all employee commute requirements.
Additionally, MoveInSync offers a SaaS (Software as a Service) solution called MoveInSync Ion, which uses intelligent technology to identify and reduce risks, support environmental, social, and governance (ESG) compliance, and enhance the overall employee commuting experience.
EV for employee commutes
A significant part of MoveInSync's strategy involves transitioning to electric vehicles (EVs) for employee commutes, aligning with the net-zero goals of their major clients. The startup claims to have increased EV penetration among its clients from 2.5% to nearly 10% over the last 12 months.
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