TempoGO Wins Startup-O Global Venture Competition, Raises $1.35M in Seed Funding
TempoGO does not compete with the clutch of startups that are transportation aggregators and marketplaces. On the contrary, it enhances their service-delivery.
TempoGO has won the international startup competition held by Singapore-based investment platform Startup-O.
TempoGO—an IoT and SaaS fleet management platform for the transportation sector—won against 59 ventures participating from 11 different countries. As winners, they received a $250K investment from Javelin Startup-O Victory Fund, a Singapore-based seed fund.
"TempoGO is one of our earliest investments in the Indian market and adds a new dimension to our diversified portfolio that spans across South-East Asia. The experienced team, early traction and a big market opportunity make us excited to work together for the next phase of growth." says Steve Davies, CEO Javelin Wealth.
TempoGO has also raised additional funding from NB Ventures of Dubai, a $50+ million fund whose Indian investments include participation in the Series A of LetsTransport (co-invested with GMO of Japan) and the $7 million Series A for HealthifyMe.
This raises the quantum of TempoGO’s seed funding to over $ 1.35 million (Rs 9 Crore), which includes funding from K2 Capital of Hong Kong.
"TempoGO resonated with our platform experts and proved itself worthy of victory. TempoGO's proposition is in tune with the ongoing disruption in the smart vehicles space" says Anuj Jain, Co-founder and CEO of Startup-O.
“TempoGO has been revenue positive since inception and we’ve been growing our revenues month-on-month by 50% to 100% in this financial year” says co-founder and Chief Operating Officer Pranav Shirke. “We expect to double it again within the next two quarters”
“Unit economics has been positive from day one and we make money on every installation” says Mihir Shetye, co-founder and Head of Customer Success. “What is more gratifying is that almost every single company which gave us a paid pilot has exponentially increased their next order.”
TempoGO serves the passenger commercial vehicle segment too, not just goods transport. Joe Viegas, owner of Goa's largest fleet of tourist taxis, Joey’s Car Rentals, says “TempoGO has been a great boon. For example, the dashboard tells us the exact distance covered, helping solve any dispute with either drivers or customers. And we can even check any route deviation by the driver at any point of time”
TempoGO does not compete with the clutch of startups that are transportation aggregators and marketplaces. On the contrary, it enhances their service-delivery. For instance, Aaho Trucks, an inter-city truck aggregator with over 2,000 vehicles on their platform is a client of TempoGO. Says Harsh Bhageria, Co-founder of Aaho “Lack of visibility into location and availability of trucks is one of the key problems of trucking in India. Using TempoGO APIs, we can now monitor all our vehicles and integrate location based features into our solutions for shippers as well as fleet owners." Similarly, Quickshift, the truck aggregator, is also a paying client.
TempoGO’s solution is critical for asset-light transportation companies. Vikas Goyal is the Managing Director of Shree Roadways, a three-decade old transportation company. Shree owns less than 10 trucks but assigns through contract over 6,000 long-distance trips every year particularly on the 2,000+ km Mumbai-Kolkata route, one of the longest in the country. “We have been with TempoGO from Day 1. They are invaluable in helping us ensure service-level standards even through a fleet that is contracted and not owned”
TempoGO was born at Prototyze, the Goa-based venture builder that has launched multiple ventures that have collectively raised over $12 million in investment in the past year itself. These include a digital lending company Seynse, an mfitness company Mobiefit, and an mtraining SaaS platform HandyTrain.
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