Automovill, a full-battery mobility startup, raised $ 500,000 in a bridge round from Mumbai Angels Network, with its existing investor NEDFi Venture Capital. The cycle was led by Jay Nagrecha and Sandeep Daga, who participated in fundraising through the Mumbai Angels Network. With the latest fundraiser, the startup has raised $ 1.2 million since its inception.
Much of the funds raised will be used to boost adoption of the technology, expand the company’s presence in multiple cities, and hire middle managers to run the growing business. Automovill will also use the funds to expand the infrastructure of its existing partner networks and hubs.
Nandini Mansinghka, Co-Founder and CEO of Mumbai Angels Network, said, “Mobility is one of the fastest growing industries with a dynamic market and it is important that industry players evolve and grow with adoption and increased technological scaling. Automovill is committed to providing transparent and technology-driven services to its customers and this funding will be a testament to the work Automovill is doing.
Automovill was founded in 2016 in Guwahati. Since its inception, the platform, co-founded by Mridu Mahendra Das and Chinmay Baruah and recently joined by Ramana Sambu as co-founder and CBO, has managed over 100,000 cars for private and B2B customers. Headquartered in Bangalore, Automovill now has a presence in 12 cities with direct retail customers in Bangalore, Delhi-NCR, Hyderabad and Guwahati. The company recently added Ramana Sambu to its founding team. Providing service to nearly 2,000 cars per month, Automovill has seen massive growth of 250% after the coronavirus pandemic (Covid-19).
“The evolution of the mobility sector and the post-Covid demand for private vehicles have enabled Automovill to expand its customer base across the country. With the experienced team and the adoption of technology in process automation, quality control and increasing retail customer base, Automovill aims to increase its presence in both B2B and B2B2C segments, including auto insurance providers, ”said Mridu Mahendra Das, founder of Automovill.
The new funds will allow the startup to extend its presence in a sustainable manner. In line with the current growth rate, Automovill expects to reach the 150,000 order mark by the end of this fiscal year.