TempoGo raises US$825k in seed funding round led by K2 Capital

TempoGo raises US$825k in seed funding round led by K2 Capital

TempoGO, an Internet of Things (IoT) and SaaS solutions provider for commercial transportation has secured a Rs 5.6 crore (about US$825k) seed investment recently.

The round was led by Hong Kong-based K2 Capital Group along with the participation of a network of several high net worth individuals (HNI) Hong Kong-based investment bankers.

The latest capital will be mainly used to upgrade the technology as well as hiring more professionals to add to the existing 15 employees in the company.

Founded in 2015 and operated by Carryage Technologies Pvt Ltd, the Mumbai-based startup provides IoT and Saas solutions for the transportation industry using an integrated platform that connects vehicles, people, and trips, improving the productivity of a commercial vehicle fleet, either by passenger or freight.

“With the second-largest road network in the world, India has over 8 million commercial transportation vehicles that drive across the length of 4.7 million kilometers of roads. But unbelievably, nearly 75 percent of these do not yet leverage technology,” said Pranav Shirke, the co-founder, and COO of TempoGO.

TemporGO’s platform consist of two layers, one powered by Internet of Things (IoT) sensors on vehicles and another by software-as-a-service (SaaS).

The IoT layer comprises a GPS-based hardware unit, which includes a built-in vehicle immobiliser that tracks vehicle location and speed and a sensors-set., plus an OBD 2 adapter to automatically record and transmit engine data as well as vehicle behaviour including sudden acceleration or deceleration. Besides, it also monitors the ‘Door-open’ and temperature variation status of the load-bay,

On the other hand, the SaaS layer includes Trip Management and Fleet Management software and a dashboard for actionable business intelligence using data analytics.

Over the past 12 months, the TempoGo solution claims to have been proven on over 1,800 inter-city trips in India covering 650,000-plus kilometers, for 300 clients including Bisleri, Blue Dart, Oyo Rooms and Havells.

Aaditya Goyal, the Head of Technology at TempoGO says, “We are a unique combination of IoT sensors (GPS, temperature, door closing) on the vehicle plus a SaaS platform. This allows simple answers to key questions: Is my driver driving dangerously or at high speeds? Or pilfering fuel? Is he adhering to pre-decided routes? What state is my cargo in? Did the temperature inside my cold-chain container vary? When should I take them in for maintenance? How can I reduce vehicle insurance premiums?”

TempoGO’s has a range of clients from freight transport companies, cold-chain companies, logistics companies, distribution companies with their own vehicles, bus or taxi operators, corporate employee or school bus fleets.

TempoGo was incubated at Goa-based Prototyze, which has catalysed other funded companies, including a mobile fitness company – MobieFit, a Saas-based mobile platform for corporate training – HandyTrain, and Seynse, a financial technology company that operates a digital lending platform called Loan Singh.

By Vivian Foo, Unicorn Media

Warburg-backed e-Shang Redwood closes US$300 million investment in run up to IPO

Warburg-backed e-Shang Redwood closes US$300 million investment in run up to IPO

A consortium of mainland China investors has invested US$300 million in Warburg Pincus-backed Asian logistics real estate developer e-Shang Redwood (ESR), as the company prepares for a potential initial public offering (IPO) this year.

The named investors for the pre-IPO round consist of top-tier mainland finance firms which include Hong Kong-based GF International Investment Management Ltd., Huarong International, Huarong Rongde, SPDB International, China Everbright Ltd., Everbright Securities and CMBC International.

As per details of the IPO, the company has since the beginning of 2016, been reportedly seeking an initial public offering in Hong Kong to raise around US$1 billion.

“Modern warehousing will continue to benefit from the rapid development of e-Commerce and the transformation of the retail sector in Asia and we believe ESR is well-positioned to further enhance its strong leadership position,” said Elyn Xu, Head of Structured Finance for GF Holdings, a Hong Kong affiliate of mainland-based brokerage GF Securities.

ESR was formed in January 2016, as the result of an all-stock merger between the Shanghai-based developer and operator of warehouses, e-Shang Cayman with Singapore-based logistic fund manager, The Redwood Group. The partnership was aimed to create one of the largest logistics real estate platforms in Asia.

Leveraging on the rapid growth of e-commerce in Asia, ESR has since then quickly built a 6.5 million square meters of projects in operation or under development in China, Japan, and South Korea with another over 6 million square meters in pipeline.

Prior to the latest round of investment, the company’s existing list of backers also comprise supports of major institutional investors which include Warburg Pincus, CPPIB, APG, PGGM and Goldman Sachs.

“2016 has been a very strong year for us with the completion of the Redwood merger, the substantial increase in development starts in our core markets of China, Korea, and Japan on the back of robust market demand from our best-in-class tenant relationships and the establishment of new financing institutional relationships in each of our market,” said Jeffery Shen, the co-CEO of ESR.

“The company is well-positioned to further accelerate its growth and solidify its market leading position across Asia over the next few years,” he further adds.

The company last secured a US$ 300 million commitment in July 2016 from Ping An Real Estate, the real estate investment and asset management platform of Ping An Insurance Company of China, Ltd. The purpose of the funding was for the development of logistics projects in Japan.

By Vivian Foo, Unicorn Media