New Delhi: Roadside assistance startup ReadyAssist has raised USD 5 million as part of its ongoing Pre-Series A round led by Howen International Fund, SPC. The funding is linearly aligned with the company’s growth plans and vision to provide a 24/7, worry-free driving experience to vehicle owners across India, through its network of highly skilled and groomed service providers connected through technology.
The funds will be deployed to enhance the service network further to bring in speed and availability through technology across India. ReadyAssist has selected the top 50 cities in the country to build and nurture the EV skill sets in mechanics, during the first phase, the company said in a media release.
ReadyAssist has been predominantly working with large B2B partners. The capital raised will be leveraged to make roadside assistance even more accessible to direct consumers through its B2C subscription model. India has more than 300 million vehicles of which around 200 million are older than 3 years. There are higher chances of breakdowns occurring in these older vehicles and very few vehicles are covered under a roadside assistance service. ReadyAssist already has a base of more than 600,000 active subscribed customers, with 50% of them being Cars and 10% EVs, the release said.
Vimal Singh SV, founder and CEO, ReadyAssist said, “ReadyAssist has always been driven to ensure maximum availability of our services to every customer in the country even during the most difficult days. This funding will definitely help us add wings to our service and ensure that India witnesses uncompromised 24/7 roadside assistance from ReadyAssist across the country. Support to the Indian EV ecosystem and adding speed to our services will have our special focus. Thanks to all our investors/service providers/customers for their faith in us and for helping us in making Indian roads safer to drive on. We now keenly welcome Howen to ReadyAssist, and look forward to partnering with them on the exciting road ahead”.
Vishal Rana, Director, Howen International, said, “We are very confident that ReadyAssist, with its product fitment and scalable business model, is in a unique position to capture the huge TAM for road-side assistance and ancillary services in India and will be very soon the market leader in this space, backed by a marquee customer base and their growth capital contributors/investor. We are excited to move this collaboration forward and be the partner that would support ReadyAssist scale across geographies”.
The round was advised by Bollywood actor Vivek Oberoi and Greenback Capital Limited., a financial advisory and investment banking firm set up in Dubai International Financial Centre (DIFC).. Greenback specializes in managing regulated funds, mergers and acquisition advisory, fundraising advisory, and other asset management services.
This fundraise by ReadyAssist will be majorly beneficial in empowering measurable impact in the overall ecosystem by serving customers faster, better and bringing more opportunities to the mechanic community while facilitating easier EV adoption, the release added.
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The announcement was made in a live-streamed business conference on the sidelines of the G20 summit.