[Funding alert] Car service startup Pitstop raises $2.5M led by TPG-backed Group Landmark
Doorstep car service startuphas raised $2.5 million (around Rs 18 crore) in Series A funding round led by TPG-backed Group Landmark. The existing investors of Pitstop also participated in the earlier round of funding. The company received funding worth $2.9 million from Blume Ventures and Goldbell Group of Singapore last year.
The funds will be utilised for expanding services network to 15 more cities by this year, the startup said in a release.
Pitstop is also planning to on-board over 1,000 garages and more than 1,500 service vans by 2021, the release added.
At present, Pitstop caters to over 1 lakh customers in Bengaluru, Delhi, Pune, Hyderabad, Chennai, Noida, Gurugram, and Faridabad.
"There is a great deal of learning from Group Landmark as we set up our network of hyperlocal garages and fleet of doorstep vans to take Pitstop to the next one lakh customers," Pitstop Founder and CEO Mihir Mohan said.
The company will be using these funds to expand its garage and doorstep service network and build an integrated retail supply chain network for the spares business, Mohan said.
"With about 200 garages on-boarded on this model, we want to fuel Pitstop's growth to be the market leader in the space in India with an eye at establishing footprints in Singapore, Vietnam, and other Southeast Asian countries," Group Landmark stated.
Group Landmark is a prominent player in the auto retail and insurance distribution space.
Pitstop aims to create a pan-India network of large format garages that offer a one-stop solution for car ownership and maintenance needs and is well in line for its next round of $15 million funding, the release said.
Launched in 2015, Pitstop is the country's first independent doorstep car service and repairs provider. With its wide network of garages and a doorstep inspection and service model, Pitstop offers a complete value chain solution for car owners.