Fri. Mar 29th, 2024
money

Pitstop, a startup which provides aftersales car service, has announced that it has managed to raise around ₹6.5 crore ($1 million) in pre-Series A funding round.

The funding in the current round comes from Blume Ventures and a Singapore-based Goldbell Group. Along with them, a group of angel investors have also participated in the current funding round, which include Anurag Srivastava, Shailesh Rao, Amiya Pathak, Rajesh Yohanan and Rahul Garg.

Commenting about this funding round, Mihir Mohan, co-founder of the company, said,

While we have so far worked through a network of 150 garages, we also want to focus on doorstep services and will invest in adding vehicles. We will also use the new funding to develop our technology.

The startup was founded in 2015 by Mihir Mohan and Nirant Ramakuru. Mohan has 15 years of work experience with several tech companies, while Ramakuru has three years of experience working at Flipkart.

The company is currently offering its services in Bengaluru, Delhi-NCR, Hyderabad and Chennai. It mainly caters to customers looking for car service once their dealership service warranty expires.

Pitstop also has a proprietary SaaS-based Fleet Information System that provides leading taxi fleets, leasing companies and self-drive car rentals a one-stop real-time view of service repairs.

Last year, in July, the startup had raised an undisclosed amount in seed funding from Alex Chua, chief operating officer at Singapore-based Goldbell Group, and Rahul Garg, founder of Moglix.

Prior to that, it had raised funding from multiple investors including Ashutosh Lawania, co-founder of Myntra; and LivSpace co-founders Anuj Srivastava and Ramakant Sharma.

Pitstop faces competition from other similar players in India, which include Steero, Cartisan, Bumper, Droom, Carzippi and others.

According to an IBEF report, the Indian auto industry, one of the largest in the world, accounts for 7.1% of the country’s GDP. It has the potential to generate up to $300 billion in annual revenue by 2026 and create 65 million additional jobs.

By Jeet