BANGALORE, January 17, 2017 /PRNewswire/ — Sun Telematics, a people transportation technology platform solution provider, has raised another round of pre series-A funding from angel investors for an undisclosed amount, previously it raised half a million dollar in June 2016. The company has recently launched a new technology platform ‘Drive™’ for corporates, medium and small transport vendors to manage all types of people transport operations such as employee transportation, outstation car rental, city taxi operations etc., using a single platform. Drive is a unique technology platform, which helps corporates and transport vendors in end to end automation, cross utilization of supply, employee/passenger safety and security and manages multiple customer demand channels.
Drive platform has received tremendous response from transport vendors, and they feel confident to compete with big taxi aggregators companies in India. Over 30+ corporates and 50+ transport vendors are using Drive Platform, with 15000+ vehicles on board, executing 50000 plus trips/day. The platform has current user base of 1 million and expected to reach 10 million by the end of 2017.
The company’s CEO Mr. Antony Sheen is excited to know that small unorganized players are adopting technology to transform this industry. He said, “We are happy to enable small transport vendors to adopt technology and enable them to compete with big organized players. Bottom up competition from small operators will result in efficiency and transparency in people transport industry.” Competition from big taxi aggregator companies and recent national policy guidelines on urban mobility by Ministry of Road Transport and Highways, are driving unorganized players to implement technology platform like ‘Drive’.
Funding will be used to improve the technology platform and expand business in Tier 2 cities. Drive platform already has good traction in Tier 1 cities, and investors are confident in the success of Drive. Another round of funding by venture capitalists in a challenging environment is a sign of robust growth potential.
Total market size is about $ 9 billion, factors driving the growth are new digital technologies, smartphones and improvement in data networks. The Governments push to implement a uniform national policy on urban mobility will also drive growth in this industry. Revenue from the car rental industry alone is expected to grow with a CAGR of 24.6% from FY’2015 to FY’2019 (Ken Research, Nov. 2014).
“We are making technology accessible to the smallest transport vendors and vehicle owners operating in the remotest corner of India,” said Sasi Armugham, Sun Telematics Co-founder and CTO. Sun Telematics has consistently reported positive net profit from the start of business in 2013, with a 100% YoY revenue growth. Deep understanding of people transportation industry and solid business model are key factors for profitable growth.
Sun Telematics Receives Another Round of Pre Series A Funding
