Roadside assistance startup ReadyAssist has secured $5 million as part of their ongoing pre-Series A round led by Howen International Fund, SPC. Previously, it scooped up $1 million in a seed round from a clutch of angel investors in January last year.
The fresh proceeds will be deployed to make roadside assistance more accessible to direct consumers and enhance the service network further to bring in speed and availability through technology across every nook & corner of India, ReadyAssist said in a press release.
Founded in 2018 by Vimal Singh, ReadyAssist is a 24/7 roadside assistance and on-the-spot repair company for both cars and bikes. It aims to deliver the best RSA experience to its customers while ensuring the fastest turnaround time and quality. ReadyAssist intends to address the real-time vehicle breakdown problems of customers using deep machine learning, data intelligence, and operations efficiency.
The startup serves both business-to-business (B2B) and business-to-consumer (B2C) segments.
The Bengaluru-based firm claims to have mobilized more than 7,00,000 vehicles in the first 12 months of its incubation and has a base of more than 600,000 active subscribed customers, with 50% of them being cars and 10% EVs.
According to ReadyAssist, the fresh funds will be majorly beneficial in empowering measurable impact in the overall ecosystem by serving customers faster, better and bringing more opportunities to the mechanic community while facilitating easier adoption of EVs.
ReadyAssist competes with Tiger Global-backed GoMechanic, PitStop, and AUTO i CARE.