Fixcraft raises USD 1 mn in Pre Series A from Marquee Angel Investors
Fixcraft, a full stack cloud garage car servicing startup, has raised USD 1 million in Pre Series A round in equity led by Marquee Angel Investor and debt led by Ubiquity Capital. The Delhi-NCR-based start-up has raised USD 1.5 mn in total till now which includes the current round, and had raised its previous round in 2020 from Angel List syndicate led by Rishab Malik, Co-Founder, Droom.
The round saw participation from renowned start-up founders from Indian start-up ecosystem Amit Lakhotia (CEO, Park Plus), Dhruv Dhanraj Bahl (COO, BharatPe), Shashvat Nakrani (Co-founder, BharatPe), Rohit Kapoor (CEO, Oyo India and SEO), Maninder Gulati (Global CSO, Oyo), Deepak Jain (Partner, Bain & Co), Ashish Goel (Founder CEO, UrbanLadder), Akshay Saxena (Co-Founder, Avanti Fellows), Anshoo Sharma (Co-Founder, MagicPin), Manu Jain (Founder, Carbun8), Sumit Jain (Unacademy) and other prominent start up founders.
Vivek Sharma, Founder and CEO, Fixcraft, said the auto repair industry has been in a dire need of a tech enabled player to handle the lack of trust and high cost of repair and service. “Fixcraft’s cloud garage AI driven full stack model has seen very high degree of acceptance in end customers and ecosystem players like motor insurance companies and aggregators alike,” he said. “We witnessed a 400% year-on-year growth, and are targeting to maintain the momentum across our B2C and B2B channels equally. We will be looking to invest heavily on technology to continue our mission to be the most trusted brand in the automotive sector.”
Nikhil Bhandarkar, Managing Director, Ubiquity Capital, said that fundamentally sound businesses are something which they have always believed in and have backed in the past. “Fixcraft’s laser sharp focus on unit economics and technology adoption is something we believe will help them stand out and come out as winners.” Rohit Kapoor, CEO, Oyo India and SEA, pointed out that Fixcraft’s business model combines an asset light business with full stack control on quality of service. “The team has the right focus on execution and I see them having the ability to build a solid business over time.”
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Malik highlighted that COVID times has given more push to digital discovery and need for alternative approach to car care and servicing. “Fixcraft’s focus on convenience, trust and consumer first approach is what gives them competitive advantage. We have backed Fixcraft earlier and feel super excited to double down in their growth phase.”
The start-up will be utilizing the funds in widening its presence in Maharashtra, Karnataka and Andhra Pradesh, as per the immediate plans in strengthening the Operations and Technology teams. The brand has already provided services to 3500 customers till date and plans to double the number by the end of the financial year 2021-22.
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