[Funding alert] LocoNav raises $37M to scale its AI-driven fleet-tech platform
LocoNav Inc, a full-stack fleet software company focused on democratising access to technology for drivers and fleet owners across the world, has raised $37 million in a Series B round. The new funding came from Quiet Capital, Anthemis Group, Sequoia Capital India, Foundamental, RIT Capital Partners, Uncorrelated Ventures, Village Global, and other leading investors.
previously raised $10 million in prior rounds led by Sequoia Capital India and Foundamental. The total amount raised by LocoNav now stands at $47 million.
Since its founding in 2016, LocoNav app claims to have been used by over half-a-million vehicle/fleet owners. The company helps users with AI-based technology to manage their fleet operations and provide recommendations that help them to make better decisions to enhance fleet performance.
“LocoNav has built an end-to-end product that becomes deeply embedded in how fleet owners and operators run their business. As a result, LocoNav has been able to scale rapidly through word of mouth, allowing the company to become a hyper growth market leader while also being very capital efficient,” said David Greenbaum, Partner at Quiet Capital.
LocoNav already uses its data insights to build customer-relevant services — currently fragmented across various industries — and offers them through a single platform for customers. These include solutions like LocoDrive — a virtual driver control centre with advanced solutions to keep fleet owners in sync with their drivers, LocoADAS — advanced video telematics and driver safety solution, LocoPay — an easy toll and prepaid cards payment solutions to eliminate the need for petty-cash management, and LocoRTO — a one-stop destination that helps in compliance management and other solutions.
“LocoNav will be utilising these funds to further build out its world class technology and data science team across San Francisco, Gurugram, and Bengaluru. The next two years will be focused on building solutions that reduce fleet running costs by up to 50 percent and drive a positive impact on climate sustainability,” added the founders.
LocoNav is already live in 25 countries. This raise will support LocoNav’s ambition to replicate
its success in India across global emerging markets, and help to build additional partnerships
and channels, make strategic acquisitions, as well as establish a local presence in key geographies, the founders said.
The round also saw participation from global tech leaders such as Anjali Joshi (ex VP-Product at Google), Anand Chandrasekaran (ex CPO at SnapDeal, ex-Director, Facebook), Manik Gupta (ex CPO at Uber), Jai Shekhawat, Mark Licht, Akhil Paul, Vas Bhandarkar, Ajay Agarwal (Partner at Bain Capital Ventures), Abhi Ingle (COO at Qualtrics), Aadil Mamujee and others.
“LocoNav‘s end-to-end platform for global commercial vehicles is resonating well with fleet owners around the world. This significant market opportunity is one we have been excited about for several years and it is wonderful to see the pace of execution from the team at LocoNav. Sequoia Capital India is delighted to participate in their Series B financing,” stated Shailesh Lakhani, MD, Sequoia India.