An India-based startup, LocoNav, had raised $37 million in a recent financing round on June 28, 2021. RIT Capital Partners, Uncorrelated Ventures, and Village Global were among the other funds witnessed in the round.
Five-year-old LocoNav’s latest financing round, a Series B, was funded by Quiet Capital, Anthemis Group, Sequoia Capital India, Uncorrelated Ventures, RIT Capital Partners, Village Global and others. The new investment round brings the to-date raise of LocoNav, which has agencies in San Francisco and Gurgaon.
Earlier to this funding, LocoNav had raised $10 million, commenced by Sequoia Capital and Fundamental. So far, LocoNav has raised $47 million.
LocoNav, founded in 2016 by Shridhar Gupta and Vidit Jain, delivers assistance and recommendations to drivers to make more solid choices. It also allows clients to track fuel usage and any potential theft. The startup accommodates drivers and fleet owners in over two dozen countries to move their vehicles more efficiently and save money. Its program supports over a thousand devices and sensors, equipping it to onboard new customers very actively.
Shridhar Gupta and Vidit Jain, Founder of LocoNav stated that over half a million fleet and vehicle owners in 25 states use LocoNav’s platform today, which uses AI to help them run their fleet missions, lookout performance and rise efficiency.
Purpose of Investment
The acquired funds will be utilised to expand to distinct markets, such as the US and global developing markets, establish additional partnerships and channels, and perform strategic acquisitions. It will also benefit the startup in building technology and data science unit across San Francisco, Gurgaon, and Bengaluru.
“Every commercial vehicle is a business in itself with its individual P&L. Each mile it goes makes revenue, but with an associated value. The next 2 years will be directed on formulating solutions that overcome fleet running costs by up to 50% and encourage a positive bearing on climate sustainability,” founders Vidit Jain and Sridhar Gupta said in a joint statement.
What the Founder have to say
The founders said that the market they engage in has become enormous over the past decade as multiple drivers and fleet owners have begun to engage with tech programs. Some of the professionals operating in this area include unicorns and decacorns Fleetcor, Trimble and a16z-backed Samsara.
But these members are mainly operating in mature markets, which has allowed LocoNav to win clients in emerging countries, the founders said. “In international developing markets, no one has ambitiously created a great player, and we see ourselves as the primary mover,” said Gupta. The founders added that the most significant roadblock in the business remains drivers and fleet owners not working through any tech.
What the Investors have to say
“LocoNav has developed an end-to-end product that becomes profoundly embedded in how fleet purchasers and operators run their enterprise. As a result, LocoNav has been able to scale quickly through word of mouth, letting the startup become a hyper-growth market conductor while additionally being very capital efficient,” said David Greenbaum, Partner at Quiet Capital.
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