[Funding alert] Acko invests $1.2M in car service and repair platform Pitstop
Insurtech firm Acko has announced a strategic investment of $1.2 million in Pitstop, a Bengaluru-based full-stack car service and repair platform.
The online insurance startup said in a release that this strategic investment will bolster Acko’s engagement with customers throughout their car ownership lifecycle. The investment will immediately accelerate Acko’s auto claim servicing capability and its promise of three-day doorstep pick-up, repair and delivery, the company statement added.
“As the need for contactless transactions, quality service and transparency in insurance claims continues to grow, our investment will help accelerate business value and growth. By leveraging the tech and operational synergies between our two companies, we will deliver a 360-degree, unmatched experience that nurtures the customer through their entire car ownership lifecycle," said Acko Co-founder Ruchi Deepak, who joins the board of Pitstop.
Subsequently, Acko will also roll out Pitstop’s value-added services such as complete doorstep car servicing, major and minor repairs, cleaning, disinfection and roadside assistance etc, to its customers to offer more value and help them easily manage their car ownership journey.
Launched in 2015, Pitstop is disrupting the automotive aftermarket industry with a complete solution offering of car service, repair and spares technology platform that delivers car service and repair experience. Operating in nine cities using a fleet of doorstep vans, mechanics and a network of 300+ certified garages, Pitstop has built a technology platform which integrates the entire car ownership experience.
As part of this agreement, all of Pitstop’s tech-enabled garages will be fully integrated with Acko’s claim settlement platform to offer automated and transparent claims assessment and seamless disbursal.
The partnership will currently be operational in five cities — Bengaluru, Mumbai, Delhi, Hyderabad, and Pune, before a national rollout in over 20 cities to deliver a standardised experience to all Acko customers.
Mihir Mohan, CEO and Founder, Pitstop, said,
“Having Acko as our strategic investor and partner will help us deliver a superlative car ownership and maintenance experience. By aligning our resources and strengths, we look to unlock more opportunities in the car ownership ecosystem. With a digital-first DNA and a common goal to create and deliver superior customer value and service, this partnership will help us leapfrog towards our goal."