Automovill, a full-stack mobility start-up has raised $500,000 in a bridge round from Mumbai Angels Network, along with its existing investor NEDFi Venture Capital. The round was led by Jay Nagrecha and Sandeep Daga participating through Mumbai Angels Network in the fundraise. With this current fundraise, the startup has raised a total of $1.2 million since inception.
While a majority of the fresh infusion of capital will be utilized in bolstering technology adoption, expanding its footprint in multiple cities and mid-level hiring to manage the increase in business, Automovill will also be using the funds in ramping up the infrastructure of its existing partner and hub networks.
Speaking about Automovill, PVSLN Murty, CMD, NEDFi Venture Capital, Mr. said, "Automovill is one of the fastest growing companies in our portfolio. It is one of the rapidly growing startups spinning out of the NE region and a great example of entrepreneurial success."
Mridu Mahendra Das, Founder, Automovill said, “the change in the mobility sector and post-COVID demand in private vehicles has been a great boost for Automovill; to increase its customer base across the country. With the experienced team and adoption of technology in process automation, quality control and increased retail customer base, Automovill aims to increase its footprints in the B2B and B2B2C segments including auto insurance providers.”
Speaking on the investment, Nandini Mansinghka, Co-Founder & CEO, Mumbai Angels Network said, “Mobility is one of the fastest-growing sectors with a dynamic market and it’s important for players in the space to evolve and grow with increased technological adoption and scaling. Automovill has been committed to providing seamless, tech-driven services to its customers and this funding will be a testament to the work Automovill has been doing.”
The brand has already served around 100000+ orders across 12 cities, witnessing almost double the initially targeted traction. The fresh funds will enable the startup to further expand its presence sustainably. In line with the current growth rate, Automovill plans to reach a mark of 1.5 lakh orders by the end of fiscal.
