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LocoNav has raised $37M in a Series B funding round, which involved individual participation as well. The proceeds would be used to meet its expansion and strategic acquisition plans
Fleet management solutions provider LocoNav has announced its Series B fundraise of Rs 274 crore ($37 million), led by Quiet Capital, Anthemis Group and Sequoia Capital India, reports state. The proceeds from the fund would be used for expanding into the US and other emerging markets, building partnerships, and making strategic acquisitions.
Reports state that investments have been steadily rising in the logistics-tech sector in the past few years. LocoNav has raised $47M to date. Foundamental, RIT Capital Partners, Uncorrelated Ventures, and Village Global were among the others who participated in the round. In addition, individuals such as – Anjali Joshi, ex-VP of product, Google; Anand Chandrasekaran, ex-CPO of SnapDeal; Manik Gupta, ex-CPO of Uber; and Abhi Ingle, COO of Qualtrics, among many others, – also participated in the round.
LocoNav, founded in 2016, helps fleet or vehicle owners with AI-based technology to manage their operations, provide recommendations for making better decisions to enhance fleet performance. Some of its data insight solutions include – LocoDrive to keep fleet owners in sync with drivers; LocoADAS, advanced video telematics, and driver safety solution; LocoPay, a toll and prepaid card payment solution – among others.
“Every mile it travels brings revenue, but with an associated cost. The next two years will be focused on building solutions that reduce fleet running costs by up to 50% and drive a positive impact on climate sustainability,”Vidit Jain and Shridhar Gupta, founders of LocoNav
Commenting on the investment, David Greenbaum, a partner at Quiet Capital, stated that LocoNav’s end-to-end product becomes deeply embedded in the way fleet owners run their businesses.
“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,”Mr. Greenbaum said.