Fixigo Raises Undisclosed Seed Fund From Agility Ventures The startup plans to use the funds in expanding its services in newer markets and brand building exercise
By Teena Jose
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Auto-tech startup Fixigo has raised an undisclosed amount in a seed funding round led by Agility Ventures. Industry veteran and director of iGlobe Telecom, Tarun Kalra and Alienics Inc, a Canadian investment firm, also invested in the round along with a few other angel investors. The startup plans to use the funds in expanding its services in newer markets and brand building exercise.
"There is a huge demand for affordable and quality multi-brand car repair and maintenance services in India that is largely unorganized. FixiGo intends to address this unmet need for an organized ecosystem. Funds raised in the seed round had been deployed to create awareness on the brand FixiGo, spreading the operational reach of the brand and investing in technology to enable our workshops to achieve efficiency in business processes," said Sami Shaik, co-founder, Fixigo.
Fixigo looks to strengthen its foothold automobile repair and services market with the help of technology. The company is fast expanding its base in India and has already opened its branches in Bengaluru. The Delhi-based company aims to cater to the pool of over 4 crore car parks in India with car owners spending an average of INR 5000 per car per maintenance and had grown profitably with a 1500 per cent year on year, claimed by the company in a statement.
"Automobile repair and services market is still highly unorganized and Fixigo is well placed to serve this market with the help of tech and tailor made solutions. The market is currently thriving and is expected to grow at 12 per cent CAGR to reach $25 billion by 2030 from just $1 billion in 2020. We are optimistic that Fixigo has the potential to emerge as a leader in this category," said Prashant Narang, co-founder, Agility Ventures.
Founded in 2019 by industry stalwarts Sami Saik (CEO), Tarun Malhotra (CTO) and Ajay Pahwa, Fixigo started as a mobile car washing service company. However, realizing the massive potential, it pivoted to become one of the fastest growing auto tech startups disrupting the after-sales car repair and maintenance segment by providing hassle-free and reliable services to car-owners or customers at an affordable price.
