Car Repair Management Startup Fixcraft raises $1 million led by Ubiquity Capital & Others
Fixcraft, a car repair management startup, announced on Thursday that it had raised $1 million in equity and debt as part of its Pre-Series A round led by prominent angel investors.
It raised the debt led by Ubiquity Capital. Amit Lakhotia, co-founder of Park Plus; Shashvat Nakrani, co-founder of BharatPe; and Ashish Goel, founder of UrbanLadder all participated in the round.
Fixcraft, which was founded in 2018, offers cloud-based full-stack garage solutions to assist in the implementation of standard systems and technology processes in the auto repair industry.
Unlike a garage aggregator, Fixcraft owns the entire customer journey and ensures that all repair work is completed. The company also provides a technologically advanced insurance claim management system, as well as a full range of car servicing offerings.
“Auto repair industry has been in a dire need of a tech enabled player to handle the lack of trust and high cost of repair and service. Fixcraft’s cloud garage driven model has seen a very high degree of acceptance in end customers and ecosystem players like motor insurance companies and aggregators alike. We will be looking to invest heavily on technology," said Vivek Sharma, founder, and chief executive, Fixcraft.
“We witnessed a 400% year-on-year growth, and are targeting to maintain the momentum across our consumer and business channels equally," said Sharma.
As part of its immediate plans, the startup will use the funds to expand its presence in Maharashtra, Karnataka, and Andhra Pradesh, as well as strengthen its operations and technology teams.
The brand has already served 3,500 customers and plans to double that number by the end of the fiscal year 2021-22.
“Fundamentally sound businesses are something which we have always believed in and have backed in the past. Fixcraft’s laser sharp focus on unit economics and technology adoption is something we believe will help them stand out and come out as winners," said Nikhil Bhandarkar, managing director, Ubiquity Capital.
The startup has raised $1.5 million to date, having previously raised capital from an AngelList syndicate led by Droom co-founder Rishab Malik.
It raised the debt led by Ubiquity Capital. Amit Lakhotia, co-founder of Park Plus; Shashvat Nakrani, co-founder of BharatPe; and Ashish Goel, founder of UrbanLadder all participated in the round.
Fixcraft, which was founded in 2018, offers cloud-based full-stack garage solutions to assist in the implementation of standard systems and technology processes in the auto repair industry.
Unlike a garage aggregator, Fixcraft owns the entire customer journey and ensures that all repair work is completed. The company also provides a technologically advanced insurance claim management system, as well as a full range of car servicing offerings.
“Auto repair industry has been in a dire need of a tech enabled player to handle the lack of trust and high cost of repair and service. Fixcraft’s cloud garage driven model has seen a very high degree of acceptance in end customers and ecosystem players like motor insurance companies and aggregators alike. We will be looking to invest heavily on technology," said Vivek Sharma, founder, and chief executive, Fixcraft.
“We witnessed a 400% year-on-year growth, and are targeting to maintain the momentum across our consumer and business channels equally," said Sharma.
As part of its immediate plans, the startup will use the funds to expand its presence in Maharashtra, Karnataka, and Andhra Pradesh, as well as strengthen its operations and technology teams.
The brand has already served 3,500 customers and plans to double that number by the end of the fiscal year 2021-22.
“Fundamentally sound businesses are something which we have always believed in and have backed in the past. Fixcraft’s laser sharp focus on unit economics and technology adoption is something we believe will help them stand out and come out as winners," said Nikhil Bhandarkar, managing director, Ubiquity Capital.
The startup has raised $1.5 million to date, having previously raised capital from an AngelList syndicate led by Droom co-founder Rishab Malik.
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