Automovill raises $500,000 in bridge round from Mumbai Angel Netwrok
Automovill, a full-stack mobility startup has raised $500,000 in a bridge round from Mumbai Angels Network, along with its existing investor NEDFi Venture Capital. The round was led by Jay Nagrecha and Sandeep Daga, participating through Mumbai Angels Network in the fundraising. With the latest fundraise, the startup has raised $1.2 million since its inception.
A major portion of funds raised will be utilised in bolstering technology adoption, expanding the company’s footprint in multiple cities and mid-level hiring to manage the growing business. Automovill will also use the funds in ramping up the infrastructure of its existing partner and hub networks.
Nandini Mansinghka, co-founder & CEO, Mumbai Angels Network said, “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.”
Automovill was founded in 2016 in Guwahati. Since its inception, the platform, co-founded by Mridu Mahendra Das and Chinmay Baruah and recently joined by Ramana Sambu as co-founder and CBO, has handled 100,000+ cars for both retail customers and B2B clients. Headquartered in Bengaluru, Automovill now has a presence in 12 cities with direct retail customers in Bengaluru, Delhi-NCR, Hyderabad, and Guwahati. The company recently added Ramana Sambu to its founding team. Providing its service for nearly 2000 cars per month, Automovill has observed a massive 250% growth after the Coronavirus (Covid-19) pandemic.
“The change in the mobility sector and the post-Covid demand in private vehicles has allowed 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,” said Mridu Mahendra Das, founder, Automovill.
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 150,000 orders by the end of this fiscal.
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