ReadyAssist Raises $1 Mn In Seed Round
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Roadside assistance startup ReadyAssist on Wednesday announced to have raised a seed funding of $1 million led by one of its existing investors Satish Grampurohit. Other senior professionals from diverse industries also participated in this funding round that includes Visveswara Gupta Kothamachu, Nagaraj Srinivasa, Praveen Kumar, Siddramesh V Nara, Harish Srinivas Gudi, Lokesh Venkatappa, Tarun Kumar, Gururaj Deshpande, and Vijay Sambamurthi.
The platform will use the funds to focus on augmenting its technology strength to help its objective of growth, ability to service a stranded customer faster than the current market solutions, and becoming an automobile skills powerhouse.
The company provides services like on-spot breakdown support, towing, and repairs for both bikes and cars on a pan-Indian basis. The brand intends to be the best roadside assistance company in India by proactively addressing the real-time vehicle breakdown problems of customers using deep machine learning, data intelligence, and operations efficiency.
The pandemic-imposed lockdown has disrupted the market but, at the same time, it has opened a gateway for the company to thrive and excel in its approach. After March, the company has been able to successfully close work orders worth INR 250 crore. Currently, the company is in discussion with institutional funds to raise another $5-10 million to support the delivery of its existing opportunities.
“The recent investment further reinforces our commitment and dedication of becoming India's leading 24/7 roadside assistance service provider. This new development states that we are on the right path and encourages us to work hard and achieve long-term goals. We have a robust team and a proven deep tech platform to provide our customers with a hassle-free experience while dealing with breakdowns on their journey. We will continue to raise the bar of our service excellence and customer satisfaction. Our aim is to compel the market to be more organized while creating more job opportunities with the best professional skills," said Vimal Singh, founder, and chief executive officer, ReadyAssist.
ReadyAssist claims to be the only Indian roadside assistance startup that is proficient in providing pan-India roadside assistance through its subscription model and service multiple cities through its on-demand model.
“We are excited to participate with ReadyAssist on this journey towards improving road safety in India by building an innovative company for world-class road assistance service. ReadyAssist is also making a huge difference to our economy by skill-building and job creation. We are impressed by what the team has accomplished in a short span and look forward to supporting their vision,” added Satish Garampurohit, angel investor.
The brand received its first round of funding in 2019, with an angel investment of INR 25 lakh by altLifeLab.