Car Service Startup Pitstop Raises US$1M From Blume Ventures, Goldbell Group and Others
After sales car service startup, Pitstop, has secured US $1M in pre-series A round of funding from Blume Ventures, Singapore-based Goldbell Group and angel investors Anurag Srivastava, Shailesh Rao, Amiya Pathak, Rajesh Yohanan and Rahul Garg.
Earlier this round of funding, the company had received seed funding from Rahul Garg – Founder, Moglix & Xoogler, Myntra co-founder Ashutosh Lawania, Livspace founders – Anuj Srivastava and Ramakant Sharma; Krishna Kumar, CEO – Simplilearn and other angels.
After sales car service startup Pitstop was founded in 2015 by Mihir Mohan and Nirant Ramakuru with presence in Bengaluru and Delhi-NCR.
Pitstop caters to 70% of customers who are looking for high quality car service once their dealership service warranty expires.
The company seeks to redefine the car service industry in India by enabling a network of Pitstop-certified garages and expert mechanics. Pitstop is building a technology enabled platform to provide transparent, convenient and economical service at either a Pitstop-certified garage or at the customer’s premises.
“We are really happy to have Blume ventures and Goldbell group back us early on in our journey to change the automotive aftermarket landscape,” said Mihir Mohan, Founder and CEO of Pitstop. “This funding will be used to create, train, and empower thousands of mechanics and garages to provide an awesome customer experience. Other than trained manpower, we want to invest in right technology that can enable predictive, on demand, convenient maintenance for customers.”
Sajid Fazalbhoy, Principal, Blume Ventures said “Building an auto after sales service platform is a multi-billion dollar opportunity that we are very excited about. Most of the market and value chain is unorganized. Pitstop, via its full stack solution, would provide value to all stakeholders in the auto ecosystem be it OEMs, workshops, or customers. There would be tremendous value creation for a company that disintermediates this market. Pitstop’s current market traction numbers are impressive and the company will use this capital to build partnerships with all stake holders and expand across multiple cities.”
Pitstop has also developed a proprietary SaaS based Fleet Information system that provides leading taxi fleets, leasing companies and self-drive car rentals a one-stop real time view of service repairs. It works in conjunction with an android app for garages/mechanics/drivers who use the app to manage orders in real time, provide a transparent access to fleets and end customers.
“Technologies are changing the landscape for many industries, including automotive. We saw a gap in consumers’ experience and felt that Pitstop’s technology could bring forth quality and convenient car services to consumers in India and potentially in South East Asia,” said Alex Chua, Chief Operating Officer of Goldbell Group.
India’s automotive sector is valued at approximately $15 billion in the top 8 cities of which the after sales market is close to $7 billion and growing at a healthy pace. With this funding, the company will further strengthen its supply base and will be well-poised to capitalize the unorganized auto service sector and standardize offerings across all car brands.