Advance Mobility Private Limited, a start-up in the ridesharing mobility space has recently closed seed funding of $2 million at an undisclosed valuation, in a round led by Finvolve. The round also witnessed participation from India Accelerator.
The company is in the scalable business of fleet operations on the platform of Uber. The start-up is actively involved in solving the problems of the entire value chain i.e. from market players and customers to drivers, revolutionising the space of fleet operations.
Advance Mobility stated in a press release that the funding will be utilised to expand its current footprint to other cities in the ride-sharing mobility space.
The company has rapidly scaled up from its pre-round fleet size and is currently operating with a fleet of 425 CNG cars running in the cities of Mumbai and Pune, it said.
On this occasion, Mohit Jalan, founder of Advance Mobility said, “We are thankful to Finvolve and all our investors including India Accelerator for their tremendous support. With changing dynamics, mobility as a solution is emerging as a massive opportunity and Advance Mobility is fully committed to continue expanding in this direction”
Commenting further, Apoorva Vora of Finvolve, said, "As investors in Advance Mobility, we are proud to be part of this forward-thinking venture. Our decision to support Advance Mobility aligns with our commitment to fostering innovation and driving positive change in the mobility industry. We believe in the team's vision and are enthusiastic about the potential impact their advancements will have on the future of transportation."