Foundamental, RIT Capital Partners, Uncorrelated Ventures, and Village Global were among the other funds that participated in the round.
The funds will be used to expand to other markets, such as the US and global emerging markets, build additional partnerships and channels, and make strategic acquisitions. It will also help the company build a technology and data science team across San Francisco, Gurgaon and Bengaluru, the company said.
The company had raised $10 million in earlier rounds led by Sequoia Capital India and Foundamental. Till now, LocoNav has raised around $47 million.
Founded in 2016, LocoNav’s app has been used by over half a million vehicle/fleet owners. The company helps users with AI-based technology to manage their fleet operations and provide recommendations that help them to make better decisions to enhance fleet performance.
“LocoNav has built an end-to-end product that becomes deeply embedded in how fleet owners and operators run their business,” David Greenbaum, partner at Quiet Capital, said. “As a result, LocoNav has been able to scale rapidly through word of mouth, allowing the company to become a hyper growth market leader while also being very capital efficient.”
Global emerging markets have over 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. The income impact due to the pandemic has made the situation worse for them, with such technology becoming prohibitively expensive.
LocoNav uses its data insights to build its services. These include solutions like:
- LocoDrive, a virtual driver control centre with advanced solutions to keep fleet owners in sync with their drivers.
- LocoADAS, advanced video telematics and driver safety solution.
- LocoPay, an easy toll and prepaid card payment solution to eliminate the need for petty-cash management.
- LocoRTO, a one-stop destination that helps in compliance management and other solutions.
“Each commercial vehicle is a business in itself with its own P&L. Every mile it travels brings revenue, but with an associated cost. The next 2 years will be focused on building solutions that reduce fleet running costs by up to 50% and drive a positive impact on climate sustainability,” founders Vidit Jain and Sridhar Gupta said in a joint statement.
LocoNav is live in 25 countries.
The funding round also saw participation from global tech leaders such as Anjali Joshi (ex VP-product at Google), Anand Chandrasekaran (ex-CPO at Snapdeal and ex-director, Facebook), Manik Gupta (ex-CPO at Uber Technologies), Jai Shekhawat, Mark Licht, Akhil Paul, Vas Bhandarkar, Ajay Agarwal (partner at Bain Capital Ventures), Abhi Ingle (COO at Qualtrics) and Aadil Mamujee, among others.
News source- Economic Times