The developer of the roadside assistance company ReadyAssist, Sundaravijayam Automobile Services Pvt Ltd, has paid $10 million in cash and stock to purchase the two-wheeler servicing business SpeedForce in Vadodara. ReadyAssist intends to compete in India's largest chain of multi-branded two-wheeler workshops with this acquisition. The Bengaluru-based business stated in a statement that it also plans to strengthen its network of SpeedForce workshops by adding an additional 700 locations this fiscal year.

In the country, SpeedForce runs two-wheeler workshops and claims to have opened more than 300 facilities in the previous three years. This acquisition will enable us to better serve our customers' needs for general maintenance check-ups and significant repairs for both ICE and EV vehicles. Starting with 300 workshops, the plan is to grow up to over 1,000 works, including 4W multi-brand workshops, in the next year, according to Vimal Singh SV, founder and CEO of ReadyAssist.

“After this acquisition, SpeedForce will scale its workshops to 4,000 in the next three years, combining native technology and the pan India network readily available with ReadyAssist,” said Kapil Bhindi, co-founder at SpeedForce.

Founded in 2018, ReadyAssist is a platform which offers round-the-clock roadside assistance, breakdown support, towing and repairs provider for both bikes and cars. Last year, it had raised $5 million in its pre-Series A funding round led by Howen International Fund, SPC.

For a while now, investors have been showing interest in the broader mobility market. Automovill, a provider of mobility solutions, raised Rs 2.15 crore as part of a pre-Series A fundraising round headed by Inflection Point Ventures in November of last year. The venture capital arm of the JSW Group, run by Sajjan Jindal, made its initial investment in the field of electric mobility by contributing $2.5 million to MoEVing in the same month.