Indian Angel Network (IAN), India’s largest business angel group, has invested Rs. 4 Cr in Bangalore based start-up Drivojoy, India’s most convenient, fastest and most affordable on-demand 2-wheeler servicing and repair platform. This round has been co-led with Tessellate Ventures, Equity Crest and Tracxn Labs. Ambarish Raghuvanshi (Ex-CFO, Info Edge “Naukri.com”) and Tessellate ventures
led the round on behalf of IAN while Shailesh Rao (VP, twitter and Ex-MD, Google India), Kunal Shah (Founder, Freecharge), Bhavani Rana (Partner, Amadeus Capital), Deepak Gupta (Co-Founder, EquityCrest) also participated in the round. Equity Crest served as their financial advisor and helped co-syndicate the round for DrivoJoy.
Drivojoy, which launched their services in August 2015 is presently servicing 400 bikes/month and has been witnessing 30% MOM growth. The company has already served 2000+ users in the short period since their launch of operations a few months back.
Drivojoy started its operations from Koramangala; has already expanded its services to include HSR Layout, Bellandur, BTM Layout and Jayanagar; and is now testing waters in Whitefield and other parts of Bangalore. The company has also recently unveiled their service provider app, which will help mechanics to keep a track of their past history and lined up jobs for the day. The app can be used to navigate through maps, chat with customers and upload snapshots of replaceable parts. Apart from this, Drivojoy is also working on a consumer app which will allow users to make one-touch booking, especially when they’re stranded on the road and need immediate breakdown assistance. The app will also let users upload pictures during booking and chat with in-house experts.
Earlier, the company raised a small angel round to kickstart their operations last year. Jiby Thomas (Former Co-Founder, Quikr), Mitesh Shah (Ex-CFO, Olacabs) and a US based Angel investor Dr. Amarnath Kommuri participated in that round.
Announcing the investment received, Aman Singhal, Co-Founder of DrivoJoy commented, “We hope to transform the way 2-wheelers get serviced by radically connecting customers and mechanics directly. By eliminating the middle layer, we empower mechanics for a sustainable living where they earn 2-3 times as much as they used to earn being employed at a garage. Our future plans include venturing into a number of other automotive verticals and aim at becoming 1-stop aftersales solution for both individuals and businesses. The investment we have raised will be used primarily for hiring, marketing, building technology and scaling up our operations.”
Ambarish Raghuvanshi, IAN Investor commented, “Aman reached out to me (completely "cold") while he was in the process of launching the venture. There was a spark in him which got me to focus on the business proposition. The main gap that they have identified and are filling is the insight about the problems in servicing and repairing two-wheelers. Drivojoy provides a reliable, convenient and cost-effective solution. They have a well-rounded team but like any start-up, the trick will be to build an organization that scales up. I am happy to have introduced them to IAN and extremely pleased that IAN was able to lead this round of investment. I would watch this team and will work with them to make it happen.”
Deepak Gupta, Co-Founder, Equity Crest commented, “We are extremely pleased that Drivojoy was able to raise a round substantially higher than their initial target in this market environment. It’s a testament to the quality of their execution and their technology-led approach to transforming the multi-billion-dollar opportunity in 2-wheeler servicing”