Tech-Enabled Car Service Startup Pitstop Raises $3.5M In Pre-Series B Funding Round
Tech-enabled multi-brand car service provider Pitstop has raised $3.5 million in a pre-Series B round led by Ventureast, along with ACKO Technologies, AngelList India, LetsVenture, and Blume Ventures, among others.
As per the startup, it will use the funds to strengthen its end-to-end car maintenance operations in the existing cities. The startup is adding 250 service vans and is also enlisting 350 garages in the new cities to build the required geographical penetration. Pitstop also plans to further expand to 20 additional cities in the next three quarters.
Started by Mihir Mohan in 2015, Pitstop is an online platform delivering quality, economical and convenient car service through its network of partner garages.
The Bengaluru-based startup aims to address the massive gap in the car service industry, where only 8,500 branded and authorised service centres cater to over 32 million cars.
Talking about the raised funds, Mihir Mohan, Founder of Pitstop, said,
“The current capital infusion will enable us to strengthen our operations in the existing locations, and at the same time, tap the rich talent pool available in India.”
Pitstop is fully operational in five cities, including the Delhi-NCR region, and as per the startup, over 50% of its existing garage partners source their spare parts from Pitstop.
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