Agility Ventures provides seed funding to auto startup Fixigo

• ByStartupStory     |    November 18, 2022

In a round headed by Agility Ventures, auto-tech firm Fixigo has announced obtaining an unknown amount of seed money. Along with a few other angel investors, the round included investments from Canadian investment company Alienics Inc. and industry veteran and Director of iGlobe Telecom Tarun Kalra. The business intends to use the money for brand-building activities and service expansion into fresh areas.

“There is a huge, largely unorganised demand in India for multi-brand car repair and maintenance services that are reasonably priced and of high quality. This unmet demand for a structured ecosystem is something that FixiGo aims to solve. According to Sami Shaik, cofounder of Fixigo, the money raised in the seed round was used to raise awareness of the brand FixiGo, expand its operational reach, and invest in technology to help our workshops achieve business process efficiency.

Sami Saik (CEO), Tarun Malhotra (CTO), and Ajay Pahwa, three industry veterans, founded Fixigo in 2019. The company initially offered mobile car washing services. Realizing the enormous potential, it changed course to become one of the fastest-growing auto tech start-ups, disrupting the after-sales car repair and maintenance segment by offering car owners/customers hassle-free and dependable services at a reasonable price. With car owners spending an average of Rs 5000 per car per maintenance, the Delhi-based company hopes to serve the over 4 million car parks in India.

By enlisting online and offline partners, insurance companies, and corporate clients, they have already created a commission-based business model to maintain their consumer inflow. Additionally, Fixigo has a deal with Roadzen, a well-known insurance tech company, to provide consumers with roadside assistance around-the-clock. Fixigo is well positioned to serve this market with the aid of technology and custom solutions because the automotive repair and services industry is still very poorly organized. It is anticipated that the market, which is currently booming, will increase at a 12% CAGR to reach USD 25 billion by 2030 from just $1 billion in 2020. According to Prashant Narang, cofounder of Agility Ventures, “We are confident that Fixigo has the potential to become the market leader in this space. The business has already established branches in Bengaluru as it rapidly grows its customer base in India. The plan is to travel to several of India’s main cities, including Hyderabad, Pune, and Mumbai. Presently, it can be found in Gurgaon, Noida, Ghaziabad, Faridabad, Chandigarh, Mohali, Panchkula, Ludhiana, and Ambala. Its profit margin has increased by 1500% annually.

Follow Startup Story