TempoGO, an IoT and SaaS fleet management platform for the transportation sector, has received a $250K investment from Javelin Startup-O Victory Fund, a Singapore-based seed fund as part of the international startup competition held by Singapore-based investment platform Startup-O.
Fifty nine startups from across 11 countries participated in the content.
“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. We expect to double it again within the next two quarters,” says co-founder and Chief Operating Officer Pranav Shirke.
TempoGO serves the passenger commercial vehicle segment too, not just goods transport. It 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. Its solution also helps asset-light transportation companies.
"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 of 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 takes the total seed funding raised by TempoGO 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.
“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 their next order,” says Mihir Shetye, co-founder and Head of Customer Success.
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.