Bengaluru-based full-stack mobility startup Automovill on Tuesday said it raised $500,000 in a bridge round from Mumbai Angels Network. The round was led by Jay Nagrecha and Sandeep Daga who participated through Mumbai Angels Network.
Existing investor NEDFi Venture Capital also participated in the round. With this round, Automovill has now raised a total of $1.2 million since its inception.
According to an official statement, the startup will use the proceeds to bolster its technology adoption, expand its footprint in multiple cities, and hire mid-level executives to manage the increase in business.
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The startup will also use a part of the funds to ramp up the infrastructure of its existing partner and hub networks.
Founded in 2016 by Mridu Mahendra Das and Chinmay Baruah, Automovill provides a platform to aggregate automobile service providers, where it connects vehicle owners with all kinds of automobile service providers under one roof. Ramana Sambu recently joined the startup as its co-founder and CBO.
“The change in the mobility sector and post-COVID-19 demand in private vehicles has been a great boost for Automovill to increase its customer base across the country. With the experienced team and adoption of technology in process automation, quality control, and increased retail customer base, Automovill aims to increase its footprints in the B2B and B2B2C segments, including auto insurance providers,” Mridu said in a statement.
Automovill claims to have a presence in 12 cities with direct retail customers in Bengaluru, Delhi-NCR, Hyderabad, and Guwahati, and now works with nearly 2,000 cars per month.
It claims to have serviced over 100,000 cars for both retail customers and B2B clients since its inception. The startup aims to reach the mark of 1.5 lakh orders by the end of the fiscal.
Speaking about the investment, lead investor Jay Nagrecha said that India will see formalisation of the automobile servicing industry and believes that Automovill will play a major role in realising this change.
"Automovill is one of the fastest-growing companies in our portfolio. NEDFi is pleased to provide continuous support in establishing Automovill as a PAN-India brand in the mobility sector. Automovill is one of the rapidly growing startups spinning out of the NE region and a great example of entrepreneurial success," PVSLN Murty, CMD of NEDFi Venture Capital, said in a statement.
Edited by Suman Singh
Link : https://yourstory.com/2021/07/funding-bengaluru-based-automovill-bridge-round-mumbai-angels-network
Author :- Shreya Ganguly ( )
July 20, 2021 at 12:56PM
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