Loconav, which provides with the fleet management and vehicle tracking solution has now secured INR 28 crore in the funding round of Series B of funding from some of the existing investor Sequoia Capital India.
The VC firm also put the money in the Loconav parent BT tech Labs Pvt Ltd over the other two tranches into the month of January, according to the report which has been revealed.
LocoNav Co-founder, Sridhar Gupta has also confirmed the development into the news. He revealed that the Sequoia Investment was also a part of the larger funding round in which some of the new investors are also likely to pitch in.
LocoNav, which was founded by the former ClearTax employees, Vidit Jain and Sridhar, it started out as an online marketplace for connecting the fleet owners and customers. It initially operated under the name as BabaTrucks.
The company uses the Internet of Things and Intelligence Analytics to lower the running cost of vehicles and even provides greater security and faster turn around.