India auto software provider LocoNav raises $37m
LocoNav, an Indian vehicle fleet software provider, has raised $37 million in Series B funding from a group of investors including Sequoia Capital India.
Anthemis Group, Quiet Capital, Foundamental, RIT Capital Partners, Uncorrelated Ventures, and Village Global also participated. They were joined by former executives of Google, Snapdeal, Facebook, and Uber, as well as Ajay Agarwal, a partner at Bain Capital Ventures. Total funding to date comes to $47 million.
LocoNav claims to have the most daily downloaded fleet software app in India. It leveragew artificial intelligence with a view to helping companies manage their fleet operations and provide recommendations that help them enhance fleet performance.
Data from the platform is used to provide a consolidated offering of services that are currently fragmented across various industries. These services include LocoDrive, a virtual driver control center, and LocoADAS, a video telematics and driver safety tool. There is also a toll and prepaid cards payment service called LocoPay and LocoRTO, which supports compliance management.
The company said it would use the fresh capital to build out its technology and data science teams across San Francisco, Gurgaon and Bangalore. The next two years will be focus on a plan to creating products that reduce fleet running costs by up to 50% with a positive impact on climate sustainability.
There are also plans to expand the flagship app’s geographic footprint, which currently spans 25 countries. LocoNav estimates that global emerging markets have more than 200 million commercial vehicle owners and drivers who don’t have easy access to technology to run their vehicles efficiently and to save running costs.
“LocoNav is an excellent example of how we believe that many financial services will be delivered in the future: personalized, in context and as an important foundational element of other critical products or services,” Matthew Jones, a managing director at Anthemis, said in a statement. “The fleet management industry has ignored some of the largest opportunities out there. LocoNav is delivering needed solutions to meet as-yet unmet customer needs.”
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