Online Auto Services Startup GarageOnRoad Raises Seed Funding
Noida-based online auto services start-up GarageOnRoad raised an undisclosed amount in a fundraising round from Gaurav (Jerry) Gupta, senior vice president of reinsurance multinational Swiss Re, said a company executive at VCCircle.
The startup will use the funds to improve its technology and operations. It will introduce features like on-demand car services, cleaning, and more, said founder Prateek Ranjan. The company is also looking for investments to drive franchisees to other cities, Ranjan hinted.
Besides Gupta, Rakesh Bhatia, entrepreneur and chief strategy officer at GarageOnRoad, will also invest in the startup, Bhatia said. Gupta has also pledged to fund the company for another 6 to 8 months, he added.
Gupta heads the innovation and venture capital arm of Swiss Re. He previously worked at Amazon, where he led the program management vertical. Prior to Amazon, Gupta created and managed the innovation and venture capital groups of US-based Liberty Mutual Insurance. He has conducted due diligence on transactions totaling over $ 3 billion and has raised over $ 25 million in private placements. In addition, he has been an advisor to several startups in the United States and Spain.
Bhatia, an IIT Roorkee alumnus, has over 18 years of experience in various fields such as telecommunications, RFID exports, and education. He ran his own business in exports, where he worked with retail chains like Carrefour. In addition, he also acts as a consultant and mentor to educational companies and startups.
Managed by Tescont Maintenance Pvt. Ltd, Ranjan founded GarageOnRoad in 2016 as a mobile app to provide roadside assistance to users without any subscription fees. It works with a network of garages to provide round-the-clock assistance with one-time booking fees.
The company has more than 5,000 registered users and more than 1,100 mechanics, Bhatia said.
Other online auto service companies that have raised funds include aftermarket auto service provider Pitstop, which in September raised $ 1 million (Rs 6.5 crore) in a pre-Series A cycle of Blume Ventures, Singapore-based Goldbell Group and a group of angel investors.
In August 2017, media reported that auto repair and maintenance startup GoMechanic had raised seed funding from Orios Venture Partners.
In June of this year, the auto parts market SparesHub.com raised 2 crore rupees ($ 311,000) from a group of investors including The Chennai Angels, Anthill Scale Ventures, Singapore-based Esvee Technologies Inc , and Inc95 Consulting, based in the United States.
In March, the online car service platform BookServicing raised Rs 20 lakh ($ 30,000) in seed funding from the National Council for the Development of Scientific and Technological Entrepreneurship (NSTEDB), a government arm that promotes technology companies.
In February, auto services platform GoBumpr raised $ 300,000 (Rs 2 crore) in a round led by The Chennai Angels.