India-based vehicle service startup ReadyAssist nets $1m in seed round

Vehicle service startup ReadyAssist said it has raised US$1 million in seed funding from a group of angel investors in two tranches.

Vimal Singh, founder and CEO of ReadyAssist / Photo credit: ReadyAssist

The funding round was led by existing investor Satish Grampurohit, with the participation of other investors such as Vijay Sambamurthi, founder and managing partner of law firm Lexygen.

Established in December 2018, the India-based company provides services such as on-the-spot breakdown support, towing, and repairs for bikes and cars throughout the country through its subscription model. It aims to address real-time vehicle breakdown problems of customers using deep machine learning, data intelligence, and operations efficiency.

ReadyAssist will use the funds to focus on developing its technology to service stranded customers faster than the current market solutions and becoming an automobile skills powerhouse, the company said in a statement.

“Our aim is to compel the market to be more organized while creating more job opportunities with the best professional skills,” said Vimal Singh, founder and CEO of ReadyAssist.

The company claims it has closed work orders amounting to 250 crore rupees (US$34.2 million) since the beginning of the pandemic in March 2020. It also claims to have clocked 4 crore rupees (US$547,000) in revenue during the first year of its operation.

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The company is currently in talks with institutional funds to raise another US$5 million to US$10 million.

ReadyAssist received its first funding of 25 lakh rupee (around US$34,000) in 2019 from Vivek Subramaniyam, an angel investor and the founder of AltLifeLab.