ReadyAssist Purchases SpeedForce for $10 Million

• ByStartupStory     |    January 31, 2023

ReadyAssist, operated by Sundaravijayam Automobile Services Pvt Ltd, has acquired two-wheeler servicing company SpeedForce located in Vadodara for a cash and stock deal worth $10 million (approximately Rs 80 crore).

The Bengaluru-based startup said in a statement on Tuesday, with this acquisition ReadyAssist plans to race in India’s largest chain of multi-branded two-wheeler workshops. It also aims to strengthen its chain of SpeedForce workshops by adding another 700 this calendar year.

Vimal Singh SV, founder and chief executive at ReadyAssist stated “This acquisition will help us extend the reach to our customers in their need for general periodic services and major repairs for both ICE and EV vehicles. Starting with 300 workshops, the idea is to scale over 1,000 works in the next year including 4W multi-brand workshops,”

Kapil Bhindi, co-founder at SpeedForce commented “After this acquisition, SpeedForce will scale its workshops to 4,000 in the next three years, combining native technology and the pan India network readily available with ReadyAssist,”

The larger mobility space has been garnering investors’ traction for quite sometime now. In November last year, mobility solution provider Automovill had raised Rs 2.15 crore as a part of its pre-Series A funding round led by Inflection Point Ventures. In the same month, Sajjan Jindal-led JSW Group’s venture capital arm, JSW Ventures had marked its first bet in the electric mobility space by investing $2.5 million in MoEVing.

About ReadyAssist:

Founded in 2018, ReadyAssist is a platform which offers round-the-clock roadside assistance, breakdown support, towing and repairs for both bikes and cars. Last year, it had raised $5 million in its pre-Series A funding round led by Howen International Fund, SPC. 

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