Pitstop Raises Funding from Angels in Singapore and India
Seed funding to be used to strengthen brand presence, operational reach and customer experience across touchpoints.
Pitstop, India’s newest startup in the automotive sector has confirmed a seed investment from Alex Chua, COO of Singapore based Goldbell Group and Rahul Garg – Founder @ Moglix and Xoogler. Earlier, the company had received funding from Myntra co-founder Ashutosh Lawania, Livspace founders – Anuj Srivastava and Ramakant Sharma; Krishna Kumar, CEO – Simplilearn and other angels. This fund infusion will enable Pitstop to strengthen its partner base using technology to streamline processes, infrastructure and customer experience; and future growth initiatives.
India’s automotive sector is valued at approximately $15 billion in the top 8 cities of which the after sales market is close to $7 billion and growing at a healthy pace. Pitstop is well-poised to capitalize the unorganized auto service sector and standardize offerings across all car brands.
Mihir Mohan, Founder and CEO, Pitstop said, “We are delighted to have Alex, Rahul and other investors join us in our exciting journey to revolutionize the car care industry. Our aim is to offer standardized, transparent and hassle free care for car owners at the click of a button.”
Excited about their investment in Pitstop, Alex Chua, COO, Goodbell Goup said, “India is one of the fastest growing automobile markets in the world and yet the auto service sector is heavily unorganized. We are excited to invest in Pitstop and enable them to scale their services while offering real value to Indian car owners.”
Started by Mihir Mohan and Nirant Ramakuru in 2015, Pitstop aims to provide car care services to owners and service providers by partnering and standardizing service offerings with multiple service centres across a city. The company has built a strong presence in Bangalore with over 35 garages offering General services and repair. The company plans to further strengthen its supply base in Bangalore and expand its services beyond the city to NCR & Mumbai during next two quarters.
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