The global fleet management market size is projected to grow at a CAGR of 15.8 percent from$13.78 billionin 2017 to $28.66 billionby 2022, as per Fleet Type and Region - Global forecast to 2022 report. In this space, a Delhi-based vehicle tracking platform Roadcast has raised $250,000 from multiple HNI investors from UAE.
In 2015, the startup Roadcast was founded by Rahul Mehra, Anshul Jain and Vishal Jain. The startup provides services like workforce management and vehicle fleet management. The startup is planning to expand its services in major cities of the country i.e. Punjab, Rajasthan, Maharashtra, Gujarat, UP, and MP.
Mehra said, "As a technology company, we have tried to create a venture by building various solutions around the same tech rather than just creating a product. This has given our product offering high scalability, while not compromising on being adaptive to individual client's needs and customising our services accordingly. This aspect ofRoadcasts on-road asset management solutions, combined with our unrelenting focus on innovation, has contributed to a successful angel funding round.
The startup has also joined forces with Delhi Police by providing them fleet management and tracking services. The startup plans to use the raised funding to put more focus on RD, marketing strategies, develop infrastructure and increase team members.
Jain said, "We aim to primarily allocate the funds to further strengthen our research efforts, as tech development in the sphere of an on-field asset management platform requires a significant amount of capital. Furthermore, expanding into various cities requires initial setup investment, which will also feature extensively in our fund allocation strategy."