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Automovill raises USD 500,000 funding from Mumbai Angels Network, existing investor

Automovill raises USD 500,000 funding from Mumbai Angels Network, existing investor
outlookindia.com
1970-01-01T05:30:00+0530
Mumbai, Jul 20 (PTI) Full-stack mobility startup Automovill has raised USD 500,000 in a bridge round from Mumbai Angels Network, along with its existing investor NEDFi Venture Capital, a release said on Tuesday.

While a majority of the fresh capital will be utilised in expanding footprint in multiple cities and mid-level hiring as well as bolstering technology adoption, among others, the Bangalore-based startup said.

Co-founded by Mridu Mahendra Das and Chinmay Baruah in Guwahati in 2016, the platform has handled over 100,000 cars for both retail customers and B2B customers, witnessing almost double the initially targeted traction, according to the release.

The bridge round is led by Jay Nagrecha and Sandeep Daga participating through Mumbai Angels Network in the fundraise of USD 500,000 and the total capital raised since the inception, including the latest round, stands at USD 1.2 million, Automovill said.

It said a part of the fresh capital injection will also be used in ramping up the infrastructure of its existing partner and hub networks.

Nandini Mansinghka, Co-founder and CEO, Mumbai Angels Network said, “Mobility is one of the fastest-growing sectors with a dynamic market and it''s important for players in the space to evolve and grow with increased technological adoption and scaling.

“Automovill has been committed to providing seamless, tech-driven services to its customers and this funding will be a testament to the work Automovill has been doing.”

The startup, which claims of clocking a massive 250 per cent growth post-pandemic, has its presence across 12 cities with direct retail customers in Bangalore, Delhi-NCR, Hyderabad, and Guwahati, providing its service to nearly 2,000 cars per month.

The company also recently added Ramana Sambu to its founding team as well as its Chief Business Officer, it said.

“The change in the mobility sector and post-COVID demand for private vehicles has been a great boost for Automovill; to increase its customer base across the country. With the experienced team and adoption of technology in process automation, quality control and increased retail customer base,” said Das.

Automovill aims to increase its footprints in the B2B and B2B2C segments including auto insurance providers, he added.

The fresh funds will enable the Automovill to further expand its presence sustainably, it said, adding in line with the current growth rate, it plans to reach 1.5 lakh orders by this fiscal end. PTI IAS ANS

ANS


Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI

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