Automovill, a full-stack mobility start-up, has raised USD 500,000 in a bridge round from Mumbai Angels Network, along with its existing investor North East Development Finance Corporation (NEDFI) Venture Capital. The start-up has raised a total of USD 1.2 million since its inception, Automovill Founder Mridu Mahendra Das said on Thursday.
The majority of the fresh infusion of capital will be utilized in bolstering technology adoption, expanding footprint in multiple cities, ramping up the infrastructure of hub networks, and mid-level hirings, Das 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,' Mumbai Angels Network CEO Nandini Mansinghka said.
Founded in 2016 in Guwahati, Automovill plans to achieve 1.5 lakh orders by the end of the current fiscal, the company said.