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Automotive tech startup Fixigo has raised an undisclosed amount in a seed funding 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 into new markets and to grow its brand.
“There is a huge demand for affordable and quality multi-brand car repair and maintenance services in India which is largely unorganized. FixiGo intends to address this unmet need for an organized ecosystem. Funds raised during the start-up cycle have been deployed to raise awareness of the FixiGo brand, extending the operational reach of the brand and investing in technology to enable our workshops to achieve efficiencies in business processes,” said said Sami Shaik, co-founder of Fixigo.
Fixigo seeks to strengthen its presence in the automotive repair and service market using technology. The company is rapidly expanding its base in India and has already opened its branches in Bangalore. The Delhi-based company aims to cater to the pool of over 4 crore car parks in India with car owners spending an average of INR 5,000 per car per maintenance and having seen profitable growth with 1,500% year on year. year, claimed by the company in a statement.
“The automotive repair and service market is still very loosely organized and Fixigo is well positioned to serve this market using technology and bespoke solutions. The market is currently booming and is expected to grow at a CAGR of 12 % to reach $25 billion by 2030. from just $1 billion in 2020. We believe Fixigo has the potential to become a leader in this category,” said Prashant Narang, co-founder of Agility Ventures.
Founded in 2019 by industry stalwarts Sami Saik (CEO), Tarun Malhotra (CTO) and Ajay Pahwa, Fixigo began as a mobile car wash service company. However, realizing the huge potential, it pivoted to become one of the fastest growing automotive technology startups, disrupting the aftermarket car repair and maintenance segment by providing reliable and reliable services. hassle free to car owners or customers at an affordable price.