It will use funds for hiring, marketing, building technology and scaling up of its operations
Bangalore-based startup Drivojoy has raised INR4 Cr (US$600K) in a pre-Series A investment.
This round was co-led by Tessellate Ventures, Equity Crest, and Tracxn Labs. Ambarish Raghuvanshi (Ex-CFO, Info Edge “Naukri.com”) and Tessellate Ventures led the round on behalf of IAN.
Shailesh Rao (VP, Twitter and Ex-MD, Google India), Kunal Shah (Founder, Freecharge), Bhavani Rana (Partner, Amadeus Capital), Deepak Gupta (Co-Founder, EquityCrest) also participated in the round.
Equity Crest also served as its financial advisor and helped co-syndicate the round for DrivoJoy.
The on-demand bike servicing platform plans to use newly-raised capital for hiring, marketing, building technology and scaling up its operations, said an official press release.
Launched in August 2015, Drivojoy presently services 400 bikes monthly and is experiencing a 30 per cent Month-over-Month (MOM) growth. To date, 2,000 bike owners have used the platform.
It first began its operations in Koramangala; then expanded its services to the HSR Layout, Bellandur, BTM Layout and Jayanaga; it is now testing waters in Whitefield and other parts of Bangalore.
Drivojoy recently launched its service provider app, to keep a track of mechanics’ past histories and lined up jobs for the day. The app can be used to navigate through maps, chat with customers and upload snapshots of replaceable parts.
It is also developing a consumer app which allows users to make one-touch bookings as well as upload pictures during booking and chat with in-house experts.
Drivojoy previously raised a small angel round from Jiby Thomas (Former Co-Founder, Quikr), Mitesh Shah (Ex-CFO, Olacabs) and US-based Angel investor Dr. Amarnath Kommuri.
“We hope to transform the way two-wheelers get serviced by radically connecting customers and mechanics directly. By eliminating the middle layer, we empower mechanics for a sustainable living where they earn two to three times as much as they used to earn being employed at a garage,” said Aman Singhal, Co-Founder of DrivoJoy, in the official press release.
“Our future plans include venturing into a number of other automotive verticals and aim at becoming one-stop aftersales solution for both individuals and businesses,” he added.
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