AutoTech startup Readyassist acquires Speedforce for $10 million
AutoTech startup, ReadyAssist, has announced its acquisition of India’s largest multi-brand two-wheeler workshop chain, SpeedForce, for $10Mn in a Cash plus stock deal.
Based in Vadodara, SpeedForce is the largest chain of 2 wheeler multibrand workshops in the country with more than 300 workshop setup and operated by the brand in the last 3 years. With this acquisition ReadyAssist will become India’s largest chain of multibrand 2W workshops and also adding strength to its existing network of 8000+ RSA mechanics across the country.
Apart from that, Speedforce’s existing network is expected to accelerate ReadyAssist’s growth plans for Roadside assistance and workshop network, giving them a vantage position in the market. The partnership is expected to facilitate ReadyAssist in realizing its goal of becoming a one-stop solution for all automobile needs through its Super App, which is expected to be available in Play store and App Store in next couple of months.
ReadyAssist also plans to strengthen its chain of SpeedForce workshops by adding another 700 2W workshops and 72 4W workshops in this year and taking the chain to a total of 1000 workshops by the end of March 2024. This would be an extension to ReadyAssist’s already existing partner workshops.
Currently the workshop chain employs 900+ mechanics servicing 3000 customers a day on an average; and with 1000 workshop by this year is expected to employ atleast 3500 mechanics and servicing 10000+ customer a day. The workforce would be specially sourced and trained under ReadyAssist’s flagship training program, MECADEMY, designed for Realtime reskilling and upskilling of enrolled mechanics.
Talking about this to the founder and CEO of ReadyAssist, Vimal Singh SV said “ReadyAssist is very successful in operating a PAN india roadside assistance and doorstep service to our 800,000 subscribed customers. This acquisition will help us extend the reach to our customers in their need for general periodic services and major repairs. Starting with 300 workshops, the idea is to scale 1000+ works in the next one year including 4W multi-brand workshops.
This acquisition will make us move one step forward in the direction of vehicle life cycle unification and we are very optimistic on the opportunity this venture can unlock.”
Kapil Bhindi, Co-founder SpeedForce said, ” We are joining hands with ReadyAssist, there is immense pleasure and excitement within the team. We will scale SpeedForce workshops to 4000 in the next 3 years combining the power of native technology and PAN India network readily available with ReadyAssist. This integration involves deployment of ReadyAssist’s signature technology systems into our workshops, building a convenient connected ecosystem for our walk-in customers giving them access to emergency assistance services across the country.”
With this merger both the companies strive to make an entire ecosystem like an AUTOPARK in the automobile aftermarket & service Industry. Says Deepen Barai & Ashok Shah, other Co-founders of Speedforce in a joint statement.