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LocoNav Inc, a full stack fleet software company focused on democratizing access to technology for drivers and fleet owners across the world, has raised $37M in a Series B round. The new funding came from Quiet Capital, Anthemis Group, Sequoia Capital India, Foundamental, RIT Capital Partners, Uncorrelated Ventures, Village Global and other leading investors.
LocoNav previously raised $10M in prior rounds led by Sequoia Capital India and Foundamental. The total amount raised by LocoNav now stands at ~$47M.
Global emerging markets have over 200M 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 it worse for them with such technology becoming prohibitively expensive.
Since its founding in 2016, LocoNav App has used by over half a million vehicle/fleet owners. LocoNav 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. It is also the most daily downloaded fleet software App in India, and regularly features among the Top 50 B2B Indian Apps on the PlayStore.
“LocoNav has built an end-to-end product that becomes deeply embedded in how fleet owners and operators run their business. 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.” David Greenbaum, Partner at Quiet Capital.
LocoNav already uses its data insights to build customer-relevant services – currently fragmented across various industries – and offers them to through a single platform for customers. These include solutions like LocoDrive – a virtual driver control center with advanced solutions to keep fleet owners in sync with their drivers, LocoADAS – advanced video telematics & driver safety solution, LocoPay – an easy toll and prepaid cards payment solutions to eliminate the need for petty-cash management, and LocoRTO- a one-stop destination that helps in compliance management & 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. LocoNav will be utilizing these funds to further build out its world class technology and data science team across San Francisco, Gurgaon and Bangalore. 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”, said the founders of LocoNav.
“LocoNav is an excellent example of how we believe that many financial services will be delivered in the future: personalised, in context and as an important foundational element of other critical products or services. 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.” Matthew Jones, Managing Director at Anthemis.
“LocoNav is already live in 25 countries. This raise will support LocoNav’s ambition to replicate its success in India across global emerging markets, and help to build additional partnerships and channels, make strategic acquisitions as well as establish a local presence in key geographies.” added the founders.
“Shridhar and Vidit have found the ideal playbook for delivering world-class value-added services and products to fleet owners across the globe through the use of AI and software solutions. We are thrilled at how rapidly the firm has been able to expand its global footprint by replicating its own model and suite of offerings for fleet owners.” Shubhankar Bhattacharya, General Partner, Foundamental.
The round also saw participation from global tech leaders such as Anjali Joshi (ex VP-Product at Google), Anand Chandrasekaran (ex CPO at SnapDeal, ex Director Facebook), Manik Gupta (ex CPO at Uber), Jai Shekhawat, Mark Licht, Akhil Paul, Vas Bhandarkar, Ajay Agarwal (Partner at Bain Capital Ventures), Abhi Ingle (COO at Qualtrics), Aadil Mamujee and others.
“LocoNav‘s end-to-end platform for global commercial vehicles is resonating well with fleet owners around the world. This significant market opportunity is one we have been excited about for several years and it is wonderful to see the pace of execution from the team at LocoNav. Sequoia Capital India is delighted to participate in their Series B financing.” Shailesh Lakhani, MD, Sequoia India.
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