Mobility startup Automovill raises Rs 2.15 cr in funding led by Inflection Point Ventures
- ByStartupStory | November 10, 2022
Automovill, a supplier of full-stack mobility solutions, has secured Rs 2.15 crore in a pre-Series A investment headed by Inflection Point Ventures.
Automovill claims to have the third-largest footprint in India, with over 0.15 million customers, thanks to a hybrid and flexible business strategy. The firm has expanded its technological products in order to improve and organize the automotive aftermarket and repair industry.
The cash will be used to increase the startup’s present scope of capital expenditure. Furthermore, it will strategically channel and smoothen operations as well as broaden its marketing scope, including ongoing research to address the challenges of car servicing by introducing a hassle-free, open, and affordable solution via a technological platform and assisting in the accumulation of orders as well as creating direct and indirect jobs within the industry.
Speaking about the investment in Automovill, Mitesh Shah, co-founder, Inflection Point Ventures said, “Our interest in the company comes from the fact that it is a hugely untapped market with only a few organised 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.”
The company serves over 0.15 million consumers in India and has improved its technology services to support the automotive after-service and maintenance business. Currently, the company, founded in 2015 by a trio of Mridu Mahendra Das, Chinmay Baruah, and Ramana Sambu, has a presence in 20 cities in India, catering to retail customers and pan-India clients from used car sellers, ride-hailing companies, and auto insurance companies via its network of 200+ workshops.
Mridu Mahendra Das, Co-Founder & CEO, Automovill added that “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.”
By 2025, the value of automobile servicing in India is estimated to reach Rs 73,100 crore. Currently, the unorganized or semi-organized sector accounts for 70% of all businesses. Given that the unorganized sector now caters to 98 percent of the off-warranty market, and if Automovill can just capture 1% of this in the next three years, the top-line potential, according to the business, is roughly Rs 150 crore by FY2024.
The country’s used automobile market volume is predicted to reach 7.7 million by 2026, with a value of $44.7 billion. Used car sales are expected to rise in comparison to new automobile sales as people’s preferences for personal mobility and the price-sensitive after-sales business grow.
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