Mind Your Fleet, a SaaS-based fleet solution provider has today secured an undisclosed amount of funding. The company’s bridge round witnessed participation from Japan Vyas, Co-founder and Managing Partner of Sixth Sense Ventures and Tarun Adlakha, among other prominent investors.
Jitender Arora, Co-founder for Mind Your Fleet delightfully commented on the capital gain. He said,
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 fleet management platform was founded in October 2015 by Malvinder Singh Rikhy and Jitender Arora. MYF provides an end to end management tool to car rental companies for promoting, managing and distributing their businesses online. The fleet owners can keep a check on rival inventories, access those inventories in real time as well as connect with third parties.
A fleet owner can offer its cars to travel agents and even cater to corporate needs. Mind Your Fleet not only provides a B2B marketplace but also assist rental companies to fully utilize their resources. Malvinder Singh Rikhy, co-founder, Mind Your Fleet explains the business model saying,
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.
The company will channelize the raised investments in the Ground transportation industry. It plans to conquer the said industry through technology and plans to organize the same to a certain level. It is also looking to expand its operation to international geographies – Dubai, Kenya, and New Zealand by building a real-time dedicated fleet for all ground transportation and logistics businesses.
MYF claims to have received over 100,000 bookings by 2016, along with the addition of 60+ revenue paying customers. The transactions for the company have crossed about 10 crores and growing further. The company offers its app on both Android as well as iOS to provide collaborative tools such as booker-supplier-traveler apps, automated booking & dispatch scheduler, robust accounting and god’s eye view technology to customers.
Arora previously described the benefits of MYF saying,
With the coming of Uber and Ola in India, traditional car rental companies are struggling to run their businesses. At any given time, a car rental company utilizes only 30% of their accumulated fleet thereby wasting money on unused inventory. This is where Mind Your Fleet comes in.
Mind Your Fleet will soon raise its series A round witnessing the popularity the platform has gained within a limited span of time.
