Car Repair Management Startup Fixcraft Raises $1 Mn In Pre-Series A Round The startup will be utilizing the funds in widening its presence in Maharashtra, Karnataka, and Andhra Pradesh, as per the immediate plans and in strengthening the operations and technology teams
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Fixcraft, a full-stack cloud-garage car servicing startup, announced on Thursday to have raised $1 million in Pre Series A round in equity led by marquee angel investor and debt led by Ubiquity Capital. The round saw participation from renowned startup founders from the Indian startup ecosystem such as Amit Lakhotia (park plus), Dhruv Dhanraj Bahl (BharatPe), Shashvat Nakrani (BharatPe), Rohit Kapoor (Oyo India and SEA), Maninder Gulati (Oyo), Deepak Jain (Bain & Co), Ashish Goel (UrbanLadder), Akshay Saxena (Avanti Fellows), Anshoo Sharma (MagicPin) Manu Jain (Carbun8), Sumit Jain (Unacademy) and other prominent startup founders.
"Auto Repair industry has been in a dire need of a tech-enabled player to handle the lack of trust and high cost of repair and service. Fixcraft's cloud garage AI-driven full-stack model has seen a very high degree of acceptance in end customers and ecosystem players like motor insurance companies and aggregators alike. We witnessed a 400 per cent year-on-year growth, and are targeting to maintain the momentum across our B2C and B2B channels equally. We will be looking to invest heavily in technology to continue our mission to be the most trusted brand in the automotive sector," said Vivek Sharma, founder, and chief executive officer, Fixcraft.
Fixcraft started by Vivek Sharma, and co-founded by Abhishek Goyal, and Inderjeet Rao, in October 2018. The Delhi-NCR-based young startup has raised $1.5 million in total till now which includes the current round and had raised its previous round in 2020 from Angel List syndicate led by Rishab Malik, (co-founder, Droom).
"Fundamentally sound businesses are something which we have always believed in and have backed in the past. Fixcraft's laser-sharp focus on unit economics and technology adoption is something we believe will help them stand out and come out as winners," shared Nikhil Bhandarkar, managing director, Ubiquity Capital.
The pandemic certainly wreaked havoc across the sectors, however, post-lockdown people felt an inclination towards the personal vehicle, over shared mobility. This phenomenon appears to have given a push to the auto-service sector as well.
Fixcraft's business model combines an asset-light business with full-stack control on the quality of service. The team has the right focus on execution and I see them having the ability to build a solid business over time," commented Rohit Kapoor, chief executive officer, Oyo India, and SEA.
The startup will be utilizing the funds in widening its presence in Maharashtra, Karnataka, and Andhra Pradesh, as per the immediate plans, and in strengthening the operations and technology teams.
"COVID times gave more push to digital discovery and need for an alternative approach to car care and servicing. Fixcraft's focus on convenience, trust, and consumer-first approach is what gives them a competitive advantage. We have backed Fixcraft earlier and feel super excited to double down in their growth phase," added Rishab Malik, co-founder, Droom.
The brand has already provided services to 3500 customers till date and plans to double the number by the end of the financial year 2021-22.