[Funding Alert] Doorstep Car Service Provider Pitstop Raises Series A Round
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Pitstop, a doorstep car service and repair provider, has raised $2.5 million in Series A funding led by TPG Growth backed-Group Landmark. Existing investors also participated in the round, the company said in a statement.
Last year, it had raised $2.9 million from Blume Ventures & Singapore’s Goldbell Group.
Founded in 2015 by IIT-Kanpur alumnus Mihir Mohan, Pitstop has a network of garages across nine cities and operates on a doorstep inspection and service model. The company aims to create a pan India network of large format garages that offer a one-stop hyperlocal solution for all car ownership and maintenance needs.
Bengaluru-based Pitstop said the new funds will be used to expand its standardized garage service model with an aim to onboard more than 1,000 garages.
“Our decision to invest in Pitstop’s growth is backed by their ability to create a unified, differentiated and consistent car ownership experience across the consumer lifecycle,” Group Landmark said.
One of India’s largest automobile dealership chains, the investment comes as Group Landmark is expanding into new initiatives, including partnerships with companies in the auto sector to leverage tech synergies and scale.
“There is a great deal of learning from Group Landmark as we set up our network of hyper-local garages and fleet of doorstep vans to take Pitstop to the next 100,000 customers,” said Mohan.
With this round of funding, the company is aiming to expand in 15 cities by the end of this year and apart from onboarding the 1,000 garages, also plans to have over 1,500 DST vans by the end of 2021.
In 2018, Pitstop launched operations in Singapore with Goldbell and in the last fiscal year, the company saw a 350 per cent topline growth. The company said it was well in line to raise its next round of about $15 million given the way things are currently moving.