ReadyAssist Raises USD 5 million in Pre-series A funding to expand service network, Auto News, ET Auto
New Delhi: ReadyAssist, a roadside assistance startup, has raised USD 5,000,000 in its Pre-Series A round. This round was led by Howen International Fund (SPC). The funding is linearly aligned with the company’s growth plans and vision to provide a 24/7, worry-free driving experience to vehicle owners across India, through its network of highly skilled and groomed service providers connected through technology.
The funds will go to further enhance the service network and increase availability via technology across India. ReadyAssist selected 50 top cities to nurture EV skills in mechanics during the initial phase, according to a media release.
ReadyAssist has worked primarily with large B2B companies. The capital raised will enable roadside assistance to be made more accessible to direct customers through the B2C subscription model. India has over 300 million vehicles. Around 200 million of these vehicles are older than three years. The chances of breakdowns in older vehicles are greater and few vehicles are covered by roadside assistance. ReadyAssist has more than 600,000. Its customers are primarily Cars with 10% EVs.
Vimal Singh SV, founder and CEO, ReadyAssist said, “ReadyAssist has always been driven to ensure maximum availability of our services to every customer in the country even during the most difficult days. We will be able to increase our service and provide uncompromising 24/7 roadside assistance in India with ReadyAssist. Our special focus will be on the Indian EV ecosystem, and speeding up our services. We are grateful to all our customers, investors, and service providers for their trust in us. They have made Indian roads safer for us to drive. We now keenly welcome Howen to ReadyAssist, and look forward to partnering with them on the exciting road ahead”.
Vishal Rana, Director, Howen International, said, “We are very confident that ReadyAssist, with its product fitment and scalable business model, is in a unique position to capture the huge TAM for road-side assistance and ancillary services in India and will be very soon the market leader in this space, backed by a marquee customer base and their growth capital contributors/investor. We are excited to move this collaboration forward and be the partner that would support ReadyAssist scale across geographies”.
Vivek Oberoi (Bollywood actor) and Greenback Capital Limited. (a Dubai International Financial Centre-based financial advisory and investment bank firm). Assisted the round. Greenback specializes on the management of regulated assets, mergers and acquisition advisory as well as fundraising advisory.
ReadyAssist believes that this fundraise will make a huge impact on the ecosystem. This will allow customers to be served faster, better, and bring more opportunities to mechanics, while facilitating easier EV adoption.
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The announcement was made during a live-streamed conference for business on the sidelines to the G20 summit.