[Funding alert] Vehicle maintenance startup Hoopy raises undisclosed amount from Lead Angels, Venture Farmer

According to Abhinav Shrivastava, Co-founder and CEO, Hoopy, the funds will be deployed for product development, expanding the team, and refinement to further improve customer service and operational efficiencies.

5th Nov 2019
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Vehicle maintenance startup Hoopy has raised an undisclosed amount of funding from Lead Angels and Venture Farmer. Bengaluru-based family office Venture Farmer typically makes Pre-Series A to Series B investments ranging between $100k-$700k. 


Founded in 2016 by IIT Kharagpur alumni Abhinav Shrivastava and Vedic Choubey both, and BIIB Pune alumnus Shashank Dubey, Bengaluru-based Hoopy is a technologically connected ecosystem for the vehicle after-sales service industry. The company currently offer its services in Bengaluru, Mysuru, and Mumbai.


“Tech-enabled operations will be the game changer of this technology starved industry. Hoopy will use this fund in its product development, expanding the team, and refinement to further improve customer service and operational efficiencies," said Abhinav, CEO of Hoopy.

The company is currently focusing on two wheelers and claims to have completed more than one lakh services. The startup also claims to be operationally profitable and serves both B2C as well as B2B segments. For B2B, it has clients like Bounce, Vogo, Drivezy, etc. 


Lead Angels said in a statement that the automobile service industry is huge and highly unorganised where 70 percent of the marketshare is captured by the local garages. Two-wheeler service industry in India alone stands at $6 billion today. 


"The recent surge in the last-mile connectivity of bike rentals, bike taxis, food/medicine/groceries home delivery and adaption of doorstep convenience by customers promises an exciting time ahead for Hoopy," it added.


"Several of our investing members who are also CEOs and CIOs were impressed by the ease and speed with which the company's workflows can be deployed in their organisations, and we see a tremendous opportunity ahead as the company scales up its reach worldwide,” said Sushanto Mitra, CEO, Lead Angels.


(Edited by Megha Reddy)




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