[Funding alert] Bridgestone India invests in fleet management startup Fleeca India
Tyre maker Bridgestone India on Wednesday said it has invested in fleet management startup Fleeca India, which will strengthen its position in the digital-based mobility solutions.
This investment will further strengthen Bridgestone India's existing service Infrastructure, to provide quality and comprehensive tyre services across national highways by leveraging Fleeca's service infrastructure, according to a release.
As part of its strategy to be a leader in mobility solutions, Bridgestone India has made an investment in Fleeca India, a startup focused on providing digital-based business solutions to fleet operators, to increase efficiencies of their tyre usage, the company said.
It, however, did not disclose the quantum of its investment in the startup.
The Indian market is fast evolving and witnessing deeper penetration of digital technologies. Digital-based mobility solutions find greater significance in the context of the rapidly changing consumer preference, it said.
"This investment will enable us to create higher value for our customers in India and help them improve the return on investments," said Bridgestone India Managing Director Parag Satpute.
He added that tyre management as a service is still in its nascent stage in India and customer preferences are also changing. "Traditional business models are being disrupted and overall the mobility segment is undergoing a rapid change."
"We at Bridgestone India are focussed on pioneering new business models and strengthening our solutions business to accelerate our growth plans," Satpute added.
These services based on digital applications assume importance as more and more fleet operators are seeking options like "pay per km" models when it comes to the procurement of tyres, said the release.
This helps the fleet owners to maximise the total cost of ownership of their operations, it added.
Fleeca India has the expertise in offering such solutions to its customers, it said.
These services enable monitoring the entire lifecycle of the tyre from fitment to scrap with required interventions to increase tyre life and efficiencies, leading to greater savings by fleet owners, Bridgestone India said.
Fleeca India Founder and CEO Tikam Jain, said, "It is indeed a matter of honour to have Bridgestone India investing in Fleeca India. It is a reflection of the confidence that Bridgestone India has in our product offerings."