LocoNav Fleet Management

The full-stack fleet software company, LocoNav Inc, announced that it recently raised $37 million in its Series B funding round. This funding round saw participation from Quiet Capital, Anthemis Group, Sequoia Capital India, RIT Capital Partners, Uncorrelated Ventures, Village Global, among other leading investors.

There were also global tech leaders like ex VP-Product at Google, Anjali Joshi, ex CPO at SnapDeal, Anand Chandrasekaran, ex CPO at Uber, Manik Gupta, who participated in this funding round. The company had raised $10 million in its previous rounds led by Sequoia Capital India and Fundamental. The total amount raised by LocoNav till now stands at $47 million.

Since its inception in 2016, The LocoNav app has been used by half a million vehicle/fleet owners. They help their users with technology based on AI, to manage their fleet operations and provide advice that helps them to make better decisions to enhance their fleet performance.

“LocoNav has built a product which becomes deeply embedded in how fleet owners and operators run their business. They have been able to expand easily through word of mouth, helping companies to become capital efficient and a hyper growth market leader,” said David Greenbaum, Partner at Quiet Capital.

LocoNav uses its data to build customer-relevant services. These include solutions like LocoDrive, which is 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 cards payment solutions to eliminate the need for petty-cash management, and LocoRTO, a platform that helps in compliance management and other solutions.

“These new funds will be used to build the company’s technology and data science team across Gurugram, Bengaluru and San Francisco. In the coming couple of years, they will focus on building solutions which reduce fleet running costs by 50 percent and drive a positive impact on climate sustainability,” added the founders.

Already establishing their presence in 25 countries, these new funds raised will help them in achieving their ambition to replicate their success in India, in global emerging markets, and build more partnerships and channels, make strategic acquisitions, and also establish a local presence in key geographies.

“LocoNav‘s platform for commercial vehicles worldwide is getting a good response from fleet owners around the world. This is a market opportunity for which we have been excited about for several years and it is wonderful to see the team at LocoNav, work the way they do. Sequoia Capital India is delighted to participate in their Series B financing, and support LocoNav further in their journey” stated Shailesh Lakhani, MD, Sequoia India.

Online Team AsiaTech
Online Team Asia Tech is a team of Journalists, Entrepreneurs, and Enthusiast Writers who contribute to the platform by bringing everyday stories, updates, opinions and insights from the Asian Startup Ecosystem.

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