Bangalore-based SaaS startup, a company employee travel automation platform, turned EBIDTA (earnings before interest, taxes, depreciation and amortization) into a positive in the previous fiscal year. It is now looking at a significant increase in revenue this year by doubling down on the hybrid work model.
MoveInSync said it earned Rs 65 crore in EBITDA in fiscal 2022. The startup is now looking to record Rs 350 crore in revenue in fiscal 2023. It aims to double that figure to Rs 700 crore in the next fiscal year.
The company said it became profitable in fiscal 2017, however the pandemic years of 2020-21 and 2021-22 took a toll on its business, causing it to incur losses. Now, MoveInSync said it was profitable again in the previous fiscal year, however it has declined to disclose its earnings figures.
“We are absolutely delighted to continue our growth story. Over the last six months, we have grown more than 100% with companies that are rapidly bringing employees back to work. We have seen this trend globally. Our growth is driven by the need for companies to optimize employee productivity at various levels, whether on the go or at work,” he said. Deepesh Aggarwalco-founder and CEO of MoveInSync, in a press release.
The company helps companies like Google, Microsoft, Infosys, Wipro, Facebook, and Amazon transport more than 500,000 employees every day. It uses proprietary algorithms to ensure optimal vehicle utilization and employee travel time.
However, it had to go on hiatus in 2020 when the pandemic hit and lockdowns were announced around the world. That’s when a hybrid work platform, WorkInSync, emerged that allows employees to return to the office.
Now, with offices around the world asking their employees to come to work on certain days of the week, MoveInSync has seen rapid growth in business. It plans to enter new markets such as the Philippines and Ghana, in addition to strengthening its operations in countries such as Indonesia, Sri Lanka, Malaysia, South Africa and Jamaica.
According to data collected by the company’s platform from more than 200 global enterprise clients in 24 countries, more than 80% of the workforce is now back in the office, but in a hybrid fashion. MoveInSync expects this number to surpass 100% of pre-COVID-19 levels early next year.
The company has 500 employees on its payroll and is looking to add another 200 in the next 12 months as it embarks on its expansion strategy.
It raised $8 million in Series B funding led by Nexus Ventures Partners in 2018 and is backed by other investors including Athera Capital, Saama Capital and Qualcomm.