Vehicle maintenance startup Demyto has raised an undisclosed amount of funding from Deepak Nathani, co-founder of Cybage. With this investment, it is said that Deepak has acquired around 20% stake in the company. The newly raised funds will give boost to the company’s agenda of expanding its operations into other cities, starting with Mumbai and Bengaluru.
For the said expansion, feasibility study had already been done by the startup. Alongside, the company is also looking to pursue a franchise model for growing in tier-II towns. Deepak Nathani, who invested in the startup, said,
Having someone in the middle who can ensure fairness, value and quality is a big thing. I liked that, along with the ecommerce angle with complete transparency built in.
He further added that he would be keen on participating in the subsequent rounds of funding that Demyto would raise in the future.
Demyto was started in the year 2015 in Pune. It offers car servicing, as well as allied products like tyres and spares along with insurance services through its web-based platform. The startup claims to have created a technology-enabled interface that could be used to offer services like usage-based insurance where on-board diagnostics would be needed. It is also looking to use the Internet of things in a big way, for which the technology platform and smartphone apps are already in place.
Kaustubh Konkar, cofounder of Demyto, says that they are currently working with more than 110 service stations in Pune. He further says that the company offers both B2B and B2C services. It works largely with cab companies and tour operators, taking charge of vehicle maintenance for these firms.
Demyto is an abbreviation of deal with my auto. The company’s mission is to provide complete and state of the art after sales service for vehicle through its registered dealers.