Co-founders of Asia Mobiliti, L-R Premesh Chandran and Ramachandran Muniandy.
The round is led by an existing investor DVE Sapta Sdn Bhd with participation from infrastructure asset management company Gamlite IT (M) Sdn Bhd and private investors. The pre-series A round follows previous seed funding rounds in 2019 and 2020 that saw investments from DVE Sapta and AirAsia Digital – the venture arm of AirAsia, who saw the early potential of mobility-as-a-service in the region.
The funds will be used by Asia Mobiliti to deepen its MaaS and IoT technology stack, grow the team across engineering and business functions, and scale its market access to prepare for forays beyond Malaysia.
“We are extremely grateful for our investors’ confidence in our vision for the MaaS and transit IoT sector, which was ahead of its time when we founded the company in 2018,” said Ramachandran Muniandy, co-founder and chief executive officer of Asia Mobiliti. “To raise pre-series A funding under the present market conditions is not only a validation of the work we’ve been doing but gives us a competitive edge to develop solutions to address increasingly challenging mobility problems faced by Malaysia and other Southeast Asian countries.”
“Asia Mobiliti is amongst the top performing companies in our portfolio of investees,” said Datuk Wira S. Satya Kumar, Managing Director of DVE Sapta. “The startup has solid brand presence and market credibility and we are pleased to be involved in a second round of investment and we are confident it has the right strategic solutions for emerging markets.”