Mumbai, Nov 10: Full-stack mobility solution provider Automovill has raised Rs 2.15 crore in a Pre-Series A round led by Inflection Point Ventures.
Following a hybrid and flexible business model, Automovill has the third largest presence across India. While catering to 0.15 million customers, Automovill has enhanced its technology offerings to strengthen and organise the auto after-service and maintenance industry.
In order to improve current products and bring about synergy in technology, the funds raised will primarily be used to expand the current scope of capital expenditure. Furthermore, they will strategically channel and smoothen operations, and broaden their marketing scope.
This will include carrying out ongoing research on potential abilities to fix the challenges of car servicing by introducing a hassle-free, open, and affordable solution via a technological platform as well as assisting in the accumulation of orders and creating direct and indirect jobs within the ecosystem, thereby contributing to the growth of its partners.
Mitesh Shah, co-founder, Inflection Point Ventures, says: ?India is one of the largest automobile markets in the world. We have almost all the auto brands from affordable to luxury cars being sold in India. However, the post-sales and service journey is quite broken at multiple stages.
“Maintaining cars by using dealers’ service centres is an extravaganza while customers don’t feel safe leaving their cars with the local garage as it can lead to more problems than solutions. Automovill is tapping into this market which is highly expensive on one end and totally unorganised on the other.
“Our interest in the company comes from the fact that it is a hugely untapped market with only a few organized players, and we are confident that with the disruptive and tech-enabled strategy of Automovill, we will see them growing faster than its peers at pan India level.?
Mridu Mahendra Das, co-founder and CEO, Automovill, says: ?The team has quickly picked up our business model and presented a very comprehensive analysis and data collection for Automovill. It reflected the perfect impression of Automovill.
“Everything was done in no time and hence the overwhelming response from the investors in IPV.
(UNI)
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