Home Breaking News US-based Ridecell Secures US$ 45M in Series C

US-based Ridecell Secures US$ 45M in Series C

US-based Ridecell Secures US$ 45M in Series C

San Francisco, US-based Ridecell Inc., a provider of software to power mobility-as-a-service (MaaS), including car-sharing, ride-sharing, fixed-route and dynamic transit services, raised US$ 45M in Series C financing round on 2nd December 2020.

The funding round was led by a new investor, Fort Ross Ventures. Other participants include Solasta Ventures and existing investors Activate Capital, DENSO, LG Technology Ventures and Initialized Capital.

About Ridecell

Ridecell

Founded in 2009 by Aarjav Trivedi, Arun Kumar Elangovan and Steve Dickerson, the Ridecell platform provides data insights and workflow automation for fleets, motor pools, and trucking and logistics companies. In recent months, leading government, corporate, trucking, and new-mobility fleets, including Penske, Toyota Sweden, Renault, and AAA, have chosen Ridecell to help them automate and digitize their services. Ridecell enables them to provide a safe driving experience and 24/7, self-service operations without breaching the social distancing norms. It also helps them to significantly reduce both risk and operational expenses.

“The leading fleets in the world were already working on digital transformation. COVID-19 created an urgent need for them to accelerate digital access to their fleets, reduce risk by enabling self-service touch-less monetization across B2B and B2C business models, and reduce costs through automation. For Ridecell, it created opportunities to help many customers and partners quickly meet the shifting consumer and enterprise demand for fleet operations automation and contactless commerce. We are excited to continue that momentum and welcome our C-round investors to our team as we deliver the premier technology platform for mobility companies and fleet operators in a post-pandemic era,” said Aarjav Trivedi, CEO of Ridecell.

Ridecell powers some of the most successful fleets in cities across Europe and North America.  Its teams work hand in hand with customers operating globally out of offices in San Francisco, California, Madrid, Paris, Berlin and Pune.

What Investors have to say

“Mobility technology has never been more critical for fleet owners, especially following a rise in demand due to the global pandemic. We chose to invest in Ridecell because the company has both the team dynamic and technical capabilities required to meet the highly diverse needs of the world’s largest fleet and mobility operators. We are excited to help play a role in Ridecell’s global expansion,” said Ratan Singh, Principal at Fort Ross Ventures.

“Working with Ridecell and their fleet customers has been invaluable as we advance the development and commercialization of new mobility services,” said Rob Wunsche, director of Mobility Platform Services and New Product Innovation at DENSO. “When DENSO invests in partners, our mission is to leverage each other’s strengths to innovate, and with Ridecell, that translates to a powerful set of solutions for fleet owners.”

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Komal writes about the startup ecosystem on VCBay. She is an Economics Hons. graduate from Miranda House, Delhi University, and is passionate about the world of entrepreneurship and finance.

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