[Funding alert] Car servicing startup Fixcraft raises $1M in pre-Series A round from marquee angel investors
Fixcraft, a full-stack cloud-garage car servicing startup, on Thursday raised $1 million in a pre-Series A round in equity led by marquee angel investor and debt led by Ubiquity Capital.
The round saw participation from renowned startup founders from Indian Startup ecosystem Amit Lakhotia (CEO, Park Plus), Dhruv Dhanraj Bahl (COO, BharatPe), Shashvat Nakrani (Co-founder, BharatPe), Rohit Kapoor (CEO, Oyo India and SEA) 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 startup founders.
The startup will use the funds to widen its presence in Maharashtra, Karnataka, and Andhra Pradesh, and in strengthening the Operations and Technology teams.
The brand has already provided services to 3,500 customers till date and plans to double the number by the end of the FY22.
Founded in October 2018 by Vivek Sharma(CEO), Abhishek Goyal (COO), and Inderjeet Rao (CTO), Fixcraft distinguishes itself from other car repair services workshops by a cloud garage-based full-stack model. It has leveraged technology to implement standard systems and processes with best-in-class tools and equipment to ensure the highest quality of car repair work.
“The auto repair industry has been in 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.
"We witnessed a 400 percent 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 in technology to continue our mission to be the most trusted brand in the automotive sector,” Vivek said .
Nikhil Bhandarkar, Managing Director, Ubiquity Capital, stated, “Fundamentally sound businesses are something which we 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"
The Delhi-NCR based startup has raised $1.5 million in total till now, including the current round. It had raised its previous round in 2020 from Angel List syndicate led by Rishab Malik, Co-founder, Droom.
“COVID times gave more push to digital discovery and the need for an 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,” Rishab said.