TempoGO, an IoT and SaaS fleet management platform for the transportation sector, has won against 59 ventures participating from 11 different countries. As winners, the company has 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 vehicle 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- 100% this financial year. We expect to double it again within the next two quarters” says co-founder and Chief Operating Officer Mr.Pranav Shirke.
“Unit economics has been positive from day one and we make money on every installation. What is more gratifying is that almost every single company which gave us a paid pilot has exponentially increased its next order” says Mihir Shetye, co-founder and Head of Customer Success.
Pune-based Shree Balaji Roadlines is one such company. “We had done a paid pilot project of 50 vehicles in the first phase. The results were so good that we have signed-up for 300 more in Phase 2” says Vijay Gaikwad, Managing Director of Shree Balaji which operates a fleet of over 900 vehicles.
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. We can also check any route deviation by the driver at any point of time”.
The company does not compete with the clutch of startups that are transportation aggregators and marketplaces. On the contrary, it enhances its service-delivery. For instance, Aaho Trucks, an inter-city truck aggregator with over 2,000 vehicles on its platform is a client of TempoGO. Mr. Harsh Bhageria, Co-founder of Aaho says “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.