Full-Stack Mobility Startup Automovill Raises $500,000 From Mumbai Angels Network Along With NEDFi And North East Venture Fund The burgeoning startup will be directing the funds towards technology adoption, expansion, mid-level hiring, and ramping up the infrastructure of its existing partners and hub networks
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Full-stack mobility startup Automovill announced on Tuesday to have raised $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 in the fundraise. Including the current fundraise, the start-up has raised a total of $1.2 million since its inception.
"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," said Nandini Mansinghka, co-founder and chief executive officer, Mumbai Angels Network.
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.
According to Mridu Mahendra Das, founder, Automovill, "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."
"In the coming decade, we will see formalization of the Automobile servicing industry; I believe Automovill via its platform, technology, and transparency will play a significant role in realizing that change," commented Jay Nagrecha, deal lead, and director, General Export Enterprises.
Adding to this Sandeep Daga, deal lead, said, "Automovill solves an agonizing problem of motor servicing, has a well differentiated offering and is EBITDA positive at a very early stage of its evolution, paving a way for exponential growth in times to come."
"Automovill is one of the fasted growing company 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 NE region and a great example of entrepreneurial success," shared PVSLN Murty, chief managing director, NEDFi Venture Capital.
The brand has already served around 100000 numbers of orders across 12 cities, witnessing almost double the initially targeted traction. The fresh funds will enable the startup 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 the fiscal.
