[Funding alert] Vehicle repair startup ReadyAssist raises $1M in seed round
ReadyAssist, an on-demand vehicle repair and service startup, has raised a seed round of $1 million from a group of angel investors in two tranches.
The startup will use this latest round of funding on the development of its technology platform and market growth.
This seed round saw the participation of its existing investor Satish Grampurohit, with others including Visveswara Gupta Kothamachu, Nagaraj Srinivasa, and Praveen Kumar among others. ReadyAssist received Rs 25 lakh as part of its first round of funding in 2019 from Vivek Subramaniyam, Founder and Managing Director of altLifeLab.
On the funding, ReadyAssist Founder and CEO Vimal Singh said, “The recent investment further reinforces our commitment and dedication of becoming India's leading 24/7 roadside assistance service provider. Our aim is to compel the market to be more organised while creating more job opportunities with the best professional skills."
ReadyAssist began its operations in December 2018 by providing services like on-spot breakdown support, towing and repairs for both bikes and cars on a pan-India basis. It initially catered largely to the southern part of India, with operations in cities like Bengaluru, Hyderabad, Mangaluru, Mysore, and Vijayawada. Now, it has gone pan-India, with presence in both leading metros and Tier-II locations.
The startup provides its services to both retail consumers and institutional players through a subscription-based model.
On the investment, Satish Garmpurohit said, “ReadyAssist is also making a huge difference to our economy by skill-building and job creation. We are impressed by what the team has accomplished in a short span and look forward to supporting their vision.”
According to this startup, the lockdown imposed due to COVID-19 has disrupted the market, though after March 2020, it has been able to close work orders worth around Rs 250 crore. It is now in discussions with a few institutional funds to raise $5-10 million to support its growth plans.
Edited by Kanishk Singh