SaaS startup Netradyne has raised $65 million from Silicon Valley Bank, which is a combination of senior and junior mezzanine (debt) funding.
Mezzanine financing is essentially a combination of debt and equity financing that gives the investor the right to convert debt (bonds) into equity (equity shares) in the company only after the other VCs and investors have been paid.
Netradyne will use the new funding to develop its products and expand its geographic footprint to Mexico, France, Germany, Italy and Spain by early 2023.
Founded in 2015 by Avneesh Agrawal, Netradyne is a SaaS startup that provides solutions for the digitization and protection of the transportation industry. Its offerings include fleet management, security, compliance and insurance.
Netradyne collects and analyzes data points and meaningful information that help organizations improve security, improve retention, increase profitability and enable end-to-end transparency.
Avneesh Agrawal, Founder of Netradyne, said, “Our continued momentum is proof of Netradyne’s focus on helping fleets succeed with cutting-edge safety technology. After five years in business, we have set some unprecedented best practices in the market and this round of funding from SVB will help us move forward.”
Eric Otterson, CEO of Silicon Valley Bank, said, “It has been a pleasure to work closely with Avneesh and the Netradyne team over the past few years to support their continued growth and expansion. Netradyne’s fleet security and tracking solutions are great examples of innovative solutions and technologies being developed right here in San Diego.”
Netradyne recently welcomed and promoted several leaders to the organization – Durgadutt Nedungadi, Heather Engen, Pramod Akkarachittor, Tom Schmitt and Michael Campos. It currently has more than 500 employees worldwide.
Netradyne claims its AI Driver•i product has evaluated more than 5 billion kilometres driven. It currently operates in India, USA, UK, Canada, Australia and New Zealand.
In the Indian SaaS segment, the start-up is competing with the likes of UserStudy, WebEngage and Toplyne.
According to the reports, the country’s SaaS industry will receive capital infusions of up to $4.5 billion in 2021, up 170% from 2020. The SaaS industry is likely to become a $30 billion market by 2025 and occupy 9% of the global SaaS market. 2025.