LocoNav, an AI driven intelligent fleet management system and expense management platform, has raised $37 million in a Series B funding round from investors including Quiet Capital, Anthemis Group, Sequoia Capital India, Foundamental, RIT Capital Partners, Uncorrelated Ventures, and Village Global, among others.
The funding round also saw the participation of Anjali Joshi (ex VP-product at Google), Anand Chandrasekaran (ex-CPO at Snapdeal and ex-director, Facebook), Manik Gupta (ex-CPO at Uber Technologies), Jai Shekhawat, Mark Licht, Akhil Paul, Vas Bhandarkar, Ajay Agarwal (partner at Bain Capital Ventures), Abhi Ingle (COO at Qualtrics) and Aadil Mamujee.
LocoNav will use the funds to further build out its technology and data science team across San Francisco, Gurugram, and Bengaluru. The next two years will be focused on building solutions that reduce fleet running costs by up to 50%, the founders said.
LocoNav app claims to have been used by over half a million vehicle/fleet owners since its founding in 2016. The company 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.
The platform is already live in 25 countries.
LocoNav had raised $10 million in prior rounds led by Sequoia Capital India and Foundamental. To date, it has raised $47 million.