As per Ken Research report, the Indian multi-brand car servicing market is projected to reach over Rs.370 crore by 2020. In this space, the recent development is that an after sales car servicing startup Pitstop has acquired car repair and servicing platform MotorWhiz.
The amount of the deal was not disclosed by the company but the transaction was in part cash and part stock.
In 2016, the Noida-based car servicing platform MotorWhiz was founded by Shiv Soni and Shubhankar Rahul. The startup offers car servicing solutions through its mobile application.
In 2015, the Bengaluru-based car servicing startup Pitstop was founded Mihir Mohan and Nirant Ramakuru. The startup offers general car repair and maintenance services with doorstep service. It is operational in six cities and has over 150 garages and workshops on board to provide varied after sales car services. The companys motive behind this acquisition is to expand its operations in Delhi/NCR.
As per ET reports, Mohan said, We found a great synergy at the business and technology level with MotorWhiz team and this buyout would help us in expanding our offering at doorsteps across Delhi-NCR.
The startup Pitstop is also connected with several ride-hailing startups and provides them services like the real-time view of service repairs, fleet management services and transparent vehicle maintenance through its software, Fleet Information System.
In 2016, the startup Pitstop raised an undisclosed amount of angel funding. In 2017, Singapore based Goldbell Group, Blume Ventures and several angel investors invest $1 million in Pitstop in Series A round.
Last month in car servicing market, a Mumbai-based car servicing startup Carcrew has acquired Delhi-based ClickGarage in part cash and part stock deal.