Drivojoy, a Bangalore based on-demand two wheeler service and repair startup founded by former employees of Ola and Microsoft, has secured $600,000 (Rs. 4 crore) in its pre-series A round from Indian Angel Network, with participation from a group of other angel investors.
The current round was co-led with Tessellate Ventures, Equity Crest and Tracxn Labs. Ambarish Raghuvanshi and Tessellate ventures led the round on behalf of IAN. The round also saw participation of Shailesh Rao, Kunal Shah, Bhavani Rana, and Deepak Gupta. Equity Crest served as their financial advisor and helped co-syndicate the round for DrivoJoy.
With the help of this newly raised capital, the company is now looking forward to hiring new talent, increase its marketing efforts, building technology and scaling up operations.
Commenting about this newly raised funding round and company’s future plans, 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. Our future plans include venturing into a number of other automotive verticals and aim at becoming 1-stop aftersales solution for both individuals and businesses.
Founded in August 2015 by Aman Singhal, Ravindra A. and Vishwanath Kollapudi,, Drivojoy claims to be currently servicing 400 bikes per month and has been witnessing 30% MOM growth. As per the company, it has already served more than 2000 users since its launch of operations a few months back.
Currently operating in Bangalore only, the company recently launched its service provider app. The app will help mechanics to keep a track of their past history and lined up jobs for the day. It can also be used to navigate through maps, chat with customers and upload snapshots of replaceable parts.
Apart from this, the company is also working on a consumer app which will allow users to make one-touch booking, especially when they’re stranded on the road and need immediate breakdown assistance. The app will also let users upload pictures during booking and chat with in-house experts.
Customers can use the service anytime and anywhere. As per the company, its mechanics repair bikes on the fly – within just 90 minutes and at 30-40% cheaper price.
With less than 30-seconds booking process, secure payment and money back guarantee, DrivoJoy aims to be the most affordable, convenient, and transparent approach to bike repair and maintenance.
Last year, the company had raised seed funding round from Jiby Thomas (Former Co-Founder, Quikr), Mitesh Shah (Ex-CFO, Olacabs) and a US based Angel investor Dr. Amarnath Kommuri, in order to start its operations.