Employee commute platform MoveInSync bags $15M from Bessemer Venture Partners

Bengaluru-based MoveInSync, a SaaS-based platform specialising in workplace commute, has raised $15 million in a Series C round from  Bessemer Venture Partners. 

The round was facilitated by The RainMaker Group (TRMG), a secondary stake sale advisory firm. 

MoveInSync will use the funds to expand MoveInSync One—a commute solution that covers fleet, operations and technology. It helps enterprises to offer cost-effective and efficient commuting for their employees. 

“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,” said Deepesh Agarwal, Co-founder and CEO, MoveInSync. 

“We are delighted to back Deepesh and Akash. 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. 

The startup is backed by several other investors, including Saama Capital, Qualcomm Ventures, Athera Venture Partners, and  Nexus Venture Partners. 

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The fundraise will enable the 800-member team to enhance the capabilities of current fleet owners to optimise their operations and expand their global footprint, targeting markets such as the Philippines, South Africa, and the Middle East.

The company said a portion of the funds raised will also be allocated for employees to liquidate their Employee Stock Ownership Plans (ESOPs).

“Moreover, companies are increasingly embracing ESG initiatives and MoveInSync has been fulfilling this mandate for all our clients for the last 24 months. With Bessemer Venture Partners backing our initiatives, we look forward to crafting a rapid 2024 growth story,” added Deepesh.