VersaFleet raises $2.8m

Singapore transport management start-up VersaFleet has raised $2.8 million in pre-Series A funding, in a round led by India's Prestellar Ventures and participated in by angel investors.

VersaFleet yesterday said the money will be used to expand its operations across Asia, as well as enhance capabilities of its transport management Software-as-a-Service offering.

VersaFleet, founded in 2012, is incubated by NUS Enterprise.

Currently, it is said to automate almost one million delivery or pickup tasks regularly for about 100 companies, including Fortune 500 brands across South-east Asia.

VersaFleet's system automates logistics operations and allocates drivers' route plans more efficiently, saving both time and money, said the company.

"Over the past three years, VersaFleet has been seeing strong growth, with our annual revenue increasing 350 per cent year-on-year," VersaFleet founder and chief executive officer Shamir Rahim said.

  • 350%

    Increase in VersaFleet's annual revenue year-on-year, according to its founder and chief executive officer Shamir Rahim.

"With this new injection of funds and the additional expertise from our investors, we aim to double the size of our team and serve beyond 5,000 drivers worldwide. We are also looking to expand regional operations within Malaysia and Indonesia."

A version of this article appeared in the print edition of The Straits Times on May 15, 2018, with the headline 'VersaFleet raises $2.8m'. Print Edition | Subscribe