Autotech startup Readyassist acquires two-wheeler workshop chain SpeedForce for $10M
With this acquisition, ReadyAssist will become India’s largest chain of multi-brand two-wheeler workshops.
Autotech startup on Tuesday said it acquired multi-brand two-wheeler workshop chain SpeedForce for $10 million in a cash and stock deal.
Vadodara-based SpeedForce said it has set up more than 300 two-wheeler multi-brand workshops in the last three years.
ReadyAssist expects the acquisition will help it become India’s largest chain of multibrand two-wheeler workshops and also add strength to its existing network of more than 8,000 RSA (repair service attendant) mechanics across the country.
Besides, SpeedForce's existing network is expected to accelerate ReadyAssist’s growth plans for roadside assistance and workshop network.
The partnership will also facilitate ReadyAssist in realising its goal of becoming a one-stop solution for all automobile needs through its super app, expected to be available on the Play Store and App Store in the next couple of months, according to a statement.
“ReadyAssist is very successful in operating pan-India roadside assistance and doorstep service to our 800,000 subscribed customers. This acquisition will help us extend the reach to our customers in their need for general periodic services and major repairs for both ICE and EV vehicles," Vimal Singh SV, Founder and CEO of ReadyAssist, said.
"Starting with 300 workshops, the idea is to scale 1,000+ workshops in the next one year, including four-wheeler multi-brand workshops," he added.
ReadyAssist also plans to strengthen its chain of SpeedForce workshops by adding another 700 two-wheeler and 72 four-wheeler workshops this year and taking the chain to a total of 1,000 workshops by the end of March 2024. This would be an extension to ReadyAssist’s already existing partner workshops.
At present, the workshop chain employs 900 mechanics servicing 3,000 customers a day on average. With 1,000 workshops by this year, the company expects to employ at least 3,500 mechanics, servicing 10,000 customers per day.
All new workshops will include a dedicated work bay for EV vehicles, and over the next few months, existing workshops will be equipped with EV servicing capabilities. The workforce would be specially sourced and trained under ReadyAssist’s flagship training programme MECADEMY, designed for real-time reskilling and upskilling of enrolled mechanics.
"We will scale SpeedForce workshops to 4,000 in the next three years, combining the power of native technology and the pan-India network readily available with ReadyAssist," Kapil Bhindi, Co-founder, SpeedForce, said.
"This integration involves deployment of ReadyAssist’s signature technology systems into our workshops, building a conveniently connected ecosystem for our walk-in customers giving them access to emergency assistance services across the country," he added.
Edited by Affirunisa Kankudti