Mobility startup Automovill raised $500,000 in a bridge round from Mumbai Angels Network and its existing investor NEDFi Venture Capital. Jay Nagrecha and Sandeep Daga, who participated through Mumbai Angels Network, led this round. With the latest fundraise, Automovill has raised $1.2 million since its inception.
The funds will be utilised to boost technology adoption, expansion in multiple cities and mid-level hiring. Apart from this, the startup will allocate the funds for building up the infrastructure of its existing partner and hub networks.
Automovill founder Mridu Mahendra Das believes that change in the mobility sector and post-COVID demand for private vehicles has given a great boost to the startup and is instrumental in increasing its customer base across India.
"With the experienced team and adoption of technology in process automation, quality control and increased retail customer base aims to increase its footprints in the B2B and B2B2C segments including auto insurance providers," Das added.
Founded in 2016, Automovill is new in the startup world. It connects car owners with garages/technicians via its AI rule engine system. The Bengaluru-based mobility startup currently operates in Delhi-NCR, Hyderabad, Gurgaon and Guwahati apart from India's Silicon Valley. The company has handled over 100,000 cars for retail and B2B clients and saw a growth of a whopping 250 per cent post the COVID-19 pandemic.
Edited by Mehak Agarwal
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