Thursday, February 9, 2023
HomeBusinessStartup LocoNav raises $37M to scale its AI-driven fleet-tech platform

[Funding alert] LocoNav raises $37M to scale its AI-driven fleet-tech platform

LocoNav Inc, a full-stack fleet software program firm centered on democratising entry to expertise for drivers and fleet homeowners the world over, has raised $37 million in a Series B spherical. The new funding got here from Quiet Capital, Anthemis Group, Sequoia Capital India, Foundamental, RIT Capital Partners, Uncorrelated Ventures, Village Global, and different main traders.

 

LocoNav beforehand raised $10 million in prior rounds led by Sequoia Capital India and Foundamental. The whole quantity raised by LocoNav now stands at $47 million.

SINCE ITS FOUNDING IN 2016, LOCONAV APP CLAIMS TO HAVE BEEN UTILIZED BY OVER HALF-A-MILLION AUTOMOBILE/FLEET HOMEOWNERS. THE FIRM HELPS CUSTOMERS WITH AI-BASED EXPERTISE TO HANDLE THEIR FLEET OPERATIONS AND SUPPLY SUGGESTIONS THAT ASSIST THEM TO MAKE HIGHER SELECTIONS TO IMPROVE FLEET EFFICIENCY.

“LOCONAV HAS CONSTRUCTED AN END-TO-END PRODUCT THAT TURNS INTO DEEPLY EMBEDDED IN HOW FLEET HOMEOWNERS AND OPERATORS RUN THEIR ENTERPRISE. AS A END RESULT, LOCONAV HAS BEEN IN A POSITION TO SCALE QUICKLY BY WAY OF PHRASE OF MOUTH, PERMITTING THE CORPORATE TO GROW TO BE A HYPER DEVELOPMENT MARKET CHIEF WHEREAS ADDITIONALLY BEING VERY CAPITAL ENVIRONMENT FRIENDLY,” STATED DAVID GREENBAUM, PARTNER AT QUIET CAPITAL.

 

LocoNav already makes use of its knowledge insights to construct customer-relevant companies — presently fragmented throughout varied industries — and presents them by way of a single platform for purchasers. These embody options like LocoDrive — a digital driver management centre with superior options to preserve fleet homeowners in sync with their drivers, LocoADAS — superior video telematics and driver security answer, LocoPay — a simple toll and pay as you go playing cards fee options to remove the necessity for petty-cash administration, and LocoRTO — a one-stop vacation spot that helps in compliance administration and different options.

 

“LOCONAV WILL PROBABLY BE UTILISING THESE FUNDS TO ADDITIONAL CONSTRUCT OUT ITS WORLD CLASS EXPERTISE AND KNOWLEDGE SCIENCE GROUP THROUGHOUT SAN FRANCISCO, GURUGRAM, AND BENGALURU. THE SUBSEQUENT TWO YEARS WILL PROBABLY BE CENTERED ON CONSTRUCTING OPTIONS THAT CUT BACK FLEET OPERATING PRICES BY UP TO 50 P.C AND DRIVE A CONSTRUCTIVE INFLUENCE ON LOCAL WEATHER SUSTAINABILITY,” ADDED THE FOUNDERS.

LocoNav is already dwell in 25 international locations. This increase will assist LocoNav’s ambition to replicate

its success in India throughout international rising markets, and assist to construct further partnerships

 

and channels, make strategic acquisitions, in addition to set up an area presence in key geographies, the founders stated.

The spherical additionally noticed participation from international tech leaders equivalent to 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 INTERNATIONAL BUSINESS AUTOMOBILES IS RESONATING NICELY WITH FLEET HOMEOWNERS ALL OVER THE WORLD. THIS IMPORTANT MARKET ALTERNATIVE IS ONE WE’VE GOT BEEN ENTHUSIASTIC ABOUT FOR A NUMBER OF YEARS AND IT’S GREAT TO SEE THE TEMPO OF EXECUTION FROM THE GROUP AT LOCONAV. SEQUOIA CAPITAL INDIA IS DELIGHTED TO TAKE PART OF THEIR SERIES B FINANCING,” SAID SHAILESH LAKHANI, MD, SEQUOIA INDIA.

 

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