This round was co-led with Tessellate Ventures, Equity Crest and Tracxn Labs. Ambarish Raghuvanshi (Ex-CFO, Info Edge-Naukri.com) and Tessellate ventures led the round on behalf of IAN while Shailesh Rao (VP, twitter and Ex-MD, Google India), Kunal Shah (Founder, Freecharge), Bhavani Rana (Partner, Amadeus Capital), Deepak Gupta (co-founder, EquityCrest) also participated in the round. Equity Crest was the financial advisor and helped co-syndicate this round.
Drivojoy was launched in August 2015 and presently servicing about 400 bikes/month and has witnessed 30% MOM growth. The company has served over 2000 users till now, and claims that after booking the service is provided within 90 minutes.
Aman Singhal, co-founder of DrivoJoy said, “We hope to transform the way 2-wheelers get serviced by radically connecting customers and mechanics directly. By eliminating the middle layer, we empower mechanics for a sustainable living where they earn 2-3 times as much as they used to earn being employed at a garage.”
The startup plans to venture into other automotive verticals and to become the 1-stop after-sales solution for both individuals and businesses in future. The newly raised capital will be used for hiring, marketing, building technology and scaling up operations.
DrivoJoy recently unveiled their service provider app, which helps mechanics to keep a track of their past services and shows the lined up jobs for the day. The app can be used to navigate through maps, chat with customers and upload snapshots of replaceable parts.
Currently, Drivojoy is working on a app for consumers. Through the app users, will be able to make one-touch booking. The app will also let users upload pictures during booking and chat with in-house experts.
Prior to this, DrivoJoy had raised a small angel round to kickstart their operations last year. Jiby Thomas (Former co-founder, Quikr), Mitesh Shah (Ex-CFO, Olacabs) and a US based Angel investor Dr. Amarnath Kommuri participated in that round.
Financial advisor for the deal, Equity Crest is a platform for connecting startups with high quality investors in order to fulfill their capital needs. The company was launched in late 2014 and founded by Deepak Gupta, Amit Banka and Amit Wadhwa. Apart from Drivojoy, Equity Crest has helped four more startups including JoybyNature and Happy2Refer raise funds so far.
The Indian Angel Network is an angel group with close to 400 investors from 10 countries. IAN has invested in over 55 startups over the last two years. Earlier this month, Noida-based SmartVizX, a virtual reality solutions startup, raised over $500K from the Indian Angel Network (IAN) and Stanford Angels & Entrepreneurs India (SA&E India).
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