Full-Stack Mobility solution provider Automovill raises INR 2.15 Cr in Pre-Series A round led by Inflection Point Ventures
●Automovill is a one-stop solution provider catering to both B2B & B2C, across the automotive after-sales ecosystem and bridging the gap between users and service providers
●The funds raised will primarily be used to expand the current scope of capital expenditure, marketing, and operations, improve current products, and bring about synergy in technology
●IPV has so far invested over Rs. 500 Cr across 140+ deals
Automovill has the 3rd largest presence across India, while catering to 0.15Mn+ customers, Automovill has enhanced its technology offerings to strengthen and organize the auto after-service and maintenance industry.
Furthermore, they will strategically channel and smoothen operations, and broaden their marketing scope. This will include carrying out ongoing research on potential abilities to fix the challenges of car servicing by introducing a hassle-free, open, and affordable solution via a technological platform as well as assisting in the accumulation of orders and creating direct and indirect jobs within the ecosystem, thereby contributing to the growth of its partners.
Mitesh Shah, Co-Founder, Inflection Point Ventures says, “India is one of the largest automobile markets in the world. We have almost all the auto brands from affordable to luxury cars being sold in India. However, the post-sales and service journey is quite broken at multiple stages. Maintaining cars by using dealers’ service centres is an extravaganza while customers don’t feel safe leaving their cars with the local garage as it can lead to more problems than solutions. Automovill is tapping into this market which is highly expensive on one end and totally unorganized on the other. Our interest in the company comes from the fact that it is a hugely untapped market with only a few organized 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.”
Automovill Technologies was founded in 2015 by a trio of experienced partners, Mridu Mahendra Das, Chinmay Baruah, and later joined by Ramana Sambu, who have found the cost-effective, hassle-free, and customer-oriented service for every car owner. At present, Automovill is present in 20 cities in India catering to retail customers and pan India clients from used car sellers, ride-hailing, and auto
Mridu Mahendra Das, Co-Founder & CEO, Automovill says, “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.”
Automobile servicing in India is expected to reach Rs. 73,100 Cr by 2025. Currently, 70% of the business is done by the unorganized/semi-organized sector. Given that 98% of the off-warranty segment is currently catered to by the unorganized sector and conservatively assuming Automovill can garner only 1% of the unorganized market in the next 3 years, the top-line potential is Rs. 150 Cr by FY24.
Insurance claim is another segment where Automovill has grown immensely. Currently, it contributes 30% of total orders in today’s date. Automovill is facilitating cashless insurance claim in 20 cities for 18 insurance companies. Automovill has also developed its own insurance claim registration platform for agents which is already available in the PlayStore. Automovill has also started supplying high quality Lubes to its partnered network for better quality and control for the services rendered by its workshops.
