1 min read.Updated: 29 Jul 2021, 04:52 PM ISTLivemint
Fixcraft, founded in 2018, has raised $1.5 million till date, having earlier raised capital from AngelList syndicate led by Droom co-founder, Rishab Malik
BENGALURU: Car repair management startup Fixcraft on Thursday said it has raised $1 million in equity and debt, as part of its Pre-Series A round, led by marquee angel investors.
It raised the debt led by Ubiquity Capital. The round also saw participation from Indian startup founders including - Amit Lakhotia, co-founder of Park Plus; Shashvat Nakrani, co-founder, BharatPe; Ashish Goel, founder, UrbanLadder; among others.
Founded in 2018, Fixcraft provides cloud-based full-stack garage solutions to help implement standard systems and technology processes in the car repair segment.
Unlike a garage aggregator, Fixcraft owns the customer journey end-to-end, and ensures the complete execution of repair work. The brand also offers a tech-enabled insurance claim management system along with a whole suite 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.
The startup will utilise the funds to widen its presence in Maharashtra, Karnataka, and Andhra Pradesh, as per its immediate plans, while strengthening its operations and technology teams.
The brand has already provided services to 3,500 customers till date and plans to double the number by the end of the financial 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.
With this round, the startup has raised $1.5 million till date, having earlier raised capital from AngelList syndicate led by Droom co-founder, Rishab Malik.
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