The auto tech company, ReadyAssist, announced on Tuesday that it has acquired a multi-brand two-wheeler workshop chain, SpeedForce, in a cash and stock deal worth $10 million (approximately Rs 82 crore).
With this acquisition, ReadyAssist aims to expand India’s largest network of multi-branded two-wheeler repair shops. The company also plans to strengthen its SpeedForce workshop chain by adding 1,000 workshops in the current calendar year and a total of 4,000 workshops in the next five years, as per reported by Inc42.
“ReadyAssist is very successful in operating a PAN India roadside assistance and doorstep service to our 800,000 subscribed customers. This acquisition will help us extend the reach to our customers in their need for general periodic services and major repairs for both ICE and EV vehicles,” said Vimal Singh SV, founder, and CEO of ReadyAssist.
This news follows two months after ReadyAssist raised $5 million in a pre-Series A funding round, which was led by Howen International Fund. Founded in 2018 by Vimal Singh SV, ReadyAssist offers roadside assistance to vehicle owners. It collaborates with service providers to offer repair services to these vehicle owners while they are on the road.
According to its website, the startup has established connections with over 5,000 service providers and serves 16,650 pin codes across the country. It caters to both B2B and B2C segments.
“This integration involves deployment of ReadyAssist’s signature technology systems into our workshops, building a conveniently connected ecosystem for our walk-in customers giving them access to emergency assistance services across the country,” said, Kapil Bhindi, cofounder SpeedForce.
SpeedForce was founded in 2012 by Kapil Bhindi, Deepen Barai, and Ashok Shah. It operates using a multi-brand two-wheeler servicing franchise model and offers services such as a pick-up and drop facility, on-road breakdown support, insurance support, annual maintenance contracts, warranty program on spare parts and lubricants, among others.