Home >Money >Personal-finance >Automovil plans to raise $6 million to fund India expansion

New Delhi: Bengaluru-based Automovil, which allows car-owners to get their vehicles serviced from home,is planning to raise as much as $6 million (around Rs40 crore) to fund its expansion plan.

“We are already in talks with several investors, including venture capital firms and private equity to raise the amount needed for our expansion," Automovil COO Mridu Mahendra Das said. The firm, founded by two Assamese engineers in Bengaluru, has already raised Rs1.8 crore from NVCL, the venture capital arm of North Eastern Development Finance Corporation Ltd.

“We plan to become a pan-India provider of services by 2020. We’ve already serviced more than 10,000 cars and our aim is to double that in the next two years," Chinmay Baruah, co-founder and CEO of the venture, said.

The company, which employs 150 people directly or indirectly across Bangalore, Guwahati, Navi Mumbai, Pune and Noida, now plans to expand to Hyderabad, Ahmedabad, Ranchi and Bhubaneshwar among others.

“We believe there is a big untapped market for these kind of services, and soon we would be able to capture a large chunk of it, providing services at customers’ doorsteps across the whole nation," Das added. The company provides home-services for car and car parts, including tyres, batteries and covers, competes with Cartisan, Pitstop and Gobumpr, which offer similar services.

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