Developing countries in Asia, Africa, the Middle East, and Latin America They are said to be home to more than 250 million road utility vehicles, growing 10% year-on-year. Most of these vehicle owners do not have easy or non-existent access to modern technology to effectively run their business. This results in losses due to inefficiencies and increased operational costs for fleet owners.
“It’s here thatcomes into play. We introduce IoT innovations to streamline operations and increase efficiency. We ensure the safety of the driver, the vehicle and the cargo or passenger it carries, while improving the business efficiency of the fleet owner through the power of AI and IoT,” says Shridhar Gupta, co-founder of LocoNav.
” We bring B2B fleet management solutions to markets that are extremely price-sensitive and diverse realities of software usage, telecom connectivity, and access to affordable IoT devices,” he adds.
Launched in 2016 by Shridhar and Vidit Jain, based in San Francisco and Gurugram full fleet management startuphelps fleet owners run and manage their operations safely and efficiently.
It can be used for all types of road vehicles, including cars/taxis, bicycles, buses, trucks, ambulances, police vans and even construction vehicles, helping fleet owners in different industries to follow their vehicles and stay on top. of their business.
“We offer fleet management through the integration of different types of IoT sensors in the vehicle. These collect data and transfer it directly to our secure cloud servers. We use advanced AI and ML to create visibility into vehicle movement through features like location tracing and geofencing; reduce operational costs with modules such as trip planning and management, fuel monitoring and compliance solutions such as Fastag; and dramatically reduce vehicle maintenance costs using on-board diagnostic sensor data, and more,” says co-founder Vidit.
According to the startup, it incorporates more than 2,200 devices worldwide and offers real-time alerts, rich analytics, custom reports, and more in an easy-to-use interface available in over 14 languages including English, Hindi, Punjabi, Arabic, Spanish etc
aims to “track, measure and optimize” the entire fleet using the smarter alternative to spreadsheets and the pen and paper option.
Tech startup provides solutions for multiple industries including transportation and logistics, food and beverage, healthcare, oil and gas, construction, passenger and transit, safety, security , etc.
The startup offers 12 key features as part of the fleet management solution: Vehicle Tracking, Vehicle Management, Trip Management, Expense Management, Document Management, Driver Management, Reporting & Analytics, Maintenance, Geofence, fuel monitoring, vehicle safety, compliance and payments. It also offers a unique double deduction algorithm that aids in efficient expense management for LocoNav FASTag usage.
Video security solutions are powered by AI for the next level of road safety with real-time alerts, stored incident footage and in-cab audio alerts. These help detect risks, prevent accidents and protect drivers and businesses.
« LocoNav’s video security solution offering Prevention of liability risks using a stored incident pictures, Advanced Driver Assistance System (ADAS) and Driver Management System (DMS). These solutions provide the customer with a unique offering to reduce operating costs, prevent and protect against misrepresentation, and ensure the safety of drivers, vehicles, cargo/passengers and the business,” says Shridhar.
“Globally, we are present in more than 50 countries through Middle East, Africa, Southeast Asia, Oceania, CIS and Latin America. In India also we are available in every PIN. We served more five million vehicles with our products and services, and have more 90,000 customers around the world,” he says.
Vidit says the fleet technology industry has established players around the world, but LocoNav has worked hard to build the category in developing and emerging markets.
“In India, we are the largest fleet technology company and we are growing at an exponential rate. Our platform is designed with the concerns of fleet owners and operators in mind. Our product architecture solves the problems faced by industries rather than just piling solutions and letting the customer work around them,” he says.
“Our single, easy-to-use platform, combined with analytics, forms the core of our differentiated offering. We ensure that the platform is easily accessible to all types of fleet owners and operators as we have made the intuitive interface. There are more icons and fewer words; the text is multilingual and works on both mobile and web,” Shridhar says.
Before co-founding LocoNav, Shridhar led sales and partnership at Capital Sequoia. He was also part of the founding team of fithoa fitness technology platform (acquired by Practo) in addition to being the co-founder and business leader of the healthcare division at DNG Enterprises.a Y-Combinator product, supported by SAIF Partners and
Vidit was a founding engineer at Bizy (acquired by SendGrid), an omnichannel marketing engine for businesses. He worked closely with the founders on all aspects of the business and built the entire backend framework for Bizzy. He also held the position of chief engineer at Clear Tax.
“We were colleagues at ClearTax, where we met and realized we shared a passion for creating accessible, global and scalable solutions powered by cutting-edge technology and embarked on building LocoNav,” says Shridhar .
“Currently we are 500+ ‘Browsers‘ and growing all over the world”, Vidit adds.
Funding and monetization
LovoNav claims to have experienced a strong growth trajectory since the company’s inception. “Even in the midst of the pandemic, we had positive EBITDA,” says Shridhar.
In June 2021, the startup raised $37 million in a Series B round from quiet capital, Anthemis Group, Sequoia Capital IndiaFundamental, RIT Capital Partners, Uncorrelated companies, Global Villageand other leading investors.
He had previously secured $10 million in previous rounds led by Sequoia Capital India and Fundamental.
As a SaaS startup, its monetization is driven by subscription-based solutions that combine its software with connected devices.
“Our reach in the Indian and international markets is implemented through our network of partners. We have partnerships that help build and grow the LocoNav ecosystem around the world,” says Shridhar.
The path to follow
When combined for all vehicle types – light commercial vehicles, heavy-duty vehicles, trains, watercraft and aircraft – the global fleet management market size, according to Allied Market Researchshould reach $52.50 billion by 2030.
“We are on a mission to democratize access to fleet technology across the globe, and our plans are aligned with that,” says Vidit.
“Players in this market have started offering sophisticated technologies to drivers and fleet owners. However, no one covers more than 50 markets like we do. Each market may have multiple local/regional players offering some form of fleet tracking , but none have the breadth or depth of the end-to-end solutions we offer,” says Vidit.
In India, LocoNav faces competition from players like Fleetx and cargo tiger among others. But the founders are confident.
“We are building our technology strength by building technology and data science teams in San Francisco, Gurgaon and Bengaluru,” says Shridhar.
“From a growth and reach perspective, our goal is to build a strong network of partners globally and invest in strategic acquisitions to serve the different geographies in which we operate.”