Fixigo raises undisclosed seed funding
New Delhi: Auto-tech startup Fixigo has announced that it has raised undisclosed seed funding in a round led by Agility Ventures.
Industry veteran and Director of iGlobe Telecom, Tarun Kalra and Alienics Inc, a Canadian investment firm, also invested in the round along with a few other angel investors.
The startup plans to use the funds to expand its services in newer markets and brand-building exercises.
Founded in 2019 by industry stalwarts Sami Saik (CEO), Tarun Malhotra (CTO) and Ajay Pahwa, Fixigo started as a mobile car washing service company. However, realizing the massive potential, it pivoted to become one of the fastest-growing auto tech start-up disrupting the after-sales car repair and maintenance segment by providing hassle-free and reliable services to car owners/customers at an affordable price.
“There is a huge demand for affordable and quality multi-brand car repair and maintenance services in India that is largely unorganized. FixiGo intends to address this unmet need for an organized ecosystem. Funds raised in the seed round had been deployed to create awareness on the brand FixiGo, spreading the operational reach of the brand and investing in technology to enable our workshops to achieve efficiency in business processes,” said Sami Shaik, Cofounder, Fixigo.
The Delhi-based company aims to cater to the pool of over 4crore car parks in India, with car owners spending an average of Rs 5000 per car per maintenance.
Fixigo looks to strengthen its foothold automobile repair and services market with the help of technology. Its app offers a gamut of services such as on-demand car wash, periodic services, breakdowns, mechanical repairs and accidental claims.
To keep their consumer inflow alive and kicking, they have already designed a commission-based business model by roping in online/offline partners, insurance agencies and enterprise clients. Fixigo has also inked a pact with Roadzen, a leading insurance tech brand, to aid customers with 24×7 roadside assistance.
Talking about the funding. Prashant Narang, co-founder of Agility Ventures, said, “Automobile repair and services market is still highly unorganized, and Fixigo is well placed to serve this market with the help of tech and tailor-made solutions. The market is currently thriving and is expected to grow at 12 % CAGR to reach USD 25 billion by 2030 from just $1 billion in 2020. We are optimistic that Fixigo has the potential to emerge as a leader in this category,”
The company is fast expanding its base in India and has already opened its branches in Bengaluru. The idea is to enter some top cities of India like Hyderabad, Pune and Mumbai.
Currently, it is present in Gurgaon, Noida, Ghaziabad, Faridabad, Chandigarh, Mohali, Panchkula, Ludhiana, Ambalaand, had grown profitably with a 1500% year on year.