Startup Autotech Fixigo has acquired an undisclosed amount from the seed round of capital led by Agility Ventures. Director and industry veteran for iGlobe Telecom, Tarun Kalra, and Alienics Inc, a Canadian investment firm, also took part in the round, along with several others who were angel investors. The company plans to utilize the money to expand its services to newer markets and a brand-building exercise.
“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, co-founder of Fixigo.
Through technology, Fixigo is looking to increase its presence in the automotive repair and service market. It is quickly expanding its presence within India and has established offices in Bengaluru. The company is based in Delhi and intends to service the more than four crore car parks across India, and car owners pay, on average, INR 5000 per car for maintenance. According to figures released in an announcement, it has also seen a profit increase of a whopping 1500 percent per year.
“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 per cent CAGR to reach $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,” said Prashant Narang, co-founder of Agility Ventures.
Established in 2019 by industry veterans Sami Saik (CEO), Tarun Malhotra (CTO), and Ajay Pahwa, Fixigo started as a mobile car washing service. After recognizing the vast potential of the business, it shifted into one of the fastest-growing auto tech startups, disrupting the after-sales repair and maintenance market by offering hassle-free and reliable services to car owners or customers at a cost-effective price.