NOIDA – Mind Your Fleet, India's fleet management solutions provider, has raised a bridge round of funding, of an undisclosed amount, from a group of Angel Investors. The round was led by Japan Vyas, co-founder and Managing Partner of Sixth Sense Ventures, and Tarun Adlakha.
"We're excited to have on board veterans such as Japan and Tarun. We look forward to the diverse and incredible experience they bring to the table. The Ground Transportation industry is currently shrouded in opaqueness, and only with technology one can remove the cloud. We at Mind Your Fleet aim to organise this industry", said Jitender Arora, co-founder, Mind Your Fleet. He went on to add that the company is now actively looking to raise its Series A round.
Founded in September 2014, Mind Your Fleet (MYF) provides an enterprise technology solution for car rental companies to manage not only their operations but also their retail and corporate customers in a seamless manner. At the heart of the product is a proprietary B2B marketplace that lets fleet owners access each other's inventory in real time, and connect with several demand side players including Online Travel Agents (OTAs), Corporates or Hotels. Inventory is integrated onto MYF's platform thus promoting higher utilization and cross-utilization of assets.
"Traditional car rental companies are struggling to run their businesses, ever since Uber and Ola have entered the Indian market. But the majority of their concerns lie elsewhere. At any given time, a car rental company utilizes only a fraction of their fleet. This in turn leads to wastage of money and huge operational challenges. Mind Your Fleet aims to solve this problem by helping car rental companies streamline their operations, and create efficiencies with our unique inventory, customer, dispatch, and vendor management tools", said Malvinder Singh Rikhy, co-founder, Mind Your Fleet.
Several of India's largest car rental companies like Bharat International Travel, D-Cabs, Fab Cars, RR Fleet Management, Cabs 24/7 etc. have already registered on Mind Your Fleet's SaaS platform. By the end of 2016, a total no. of 100K+ bookings were completed on the platform and this number is expected to increase significantly in 2017.
Karambir Singh, CEO of Mind Your Fleet, said, "Using MYF, our customers can save money by automating their business processes, make money by connecting to a wider customer base, and share inventory in real time using our proprietary marketplace. Our product has been well received in the market and we have added 60+ revenue paying customers with over 10 Cr of transactions processed on our platform. We count some of the largest car rental companies in India as our customers, and some smaller regional players as well. Moreover, our customers are geographically spread across the metros as well as smaller cities including, Ranchi, Allahabad, Guwahati, and Bhopal to name a few."
Photo caption: Jitender Arora, co-founder, Mind Your Fleet