New Delhi: Full-stack mobility startup Automovill on Tuesday said it has raised USD 500,000 in a bridge round from Mumbai Angels Network, along with its existing investor NEDFi Venture Capital.
The round is led by Jay Nagrecha, and Sandeep Daga participating through Mumbai Angels Network. Including the current fundraise, the startup has raised a total of USD 1.2 million since inception.
“The change in the mobility sector and post-Covid demand in 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, Automovill aims to increase its footprints in the B2B and B2B2C segments including auto insurance providers,” Mridu Mahendra Das, Founder, Automovill, said.
While a majority of the fresh infusion of capital will be utilized in bolstering technology adoption, expanding its footprint in multiple cities and mid-level hiring to manage the increase in business, Automovill will also be using the funds in ramping up the infrastructure of its existing partner and hub networks, the company said in a release.
Nandini Mansinghka, co-founder & 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.”
“Automovill is one of the fastest growing companies in our portfolio. NEDFi is pleased to provide continuous support in establishing Automovill as a PAN-India brand in the mobility sector. Automovill is one of the rapidly growing startups spinning out of the NE region and a great example of entrepreneurial success,” said, PVSLN Murty, CMD, NEDFi Venture Capital, said.
The brand has already served around 100000+ orders across 12 cities, witnessing almost double the initially targeted traction. The fresh funds will enable the start-up to further expand its presence sustainably. In line with the current growth rate, Automovill plans to reach a mark of 1.5 Lakh orders by the end of fiscal, the release added.
“In the coming decade, we will see formalisation of the automobile servicing industry; I believe Automovill via its platform, technology, and transparency will play a significant role in realising that change,” Jay Nagrecha, Deal Lead, and Director, General Export Enterprises, said.
The latest round includes a primary capital infusion of USD 105 million and a secondary sale of USD 3million by select angels and early-stage investors. Tiger Global and Avenir Growth invested USD 75 million and USD 20 million, respectively in the round.