The roadside backup start-up ReadyAssist, based in Bengaluru, has raised $5 million as part of a current pre-Series A investment round that is being managed by Howen International Fund, SPC.
The money raised will be used to expand the service network and use technology to deliver speed and availability to every corner of India, as per reported by Entrepreneur.com.
Founded in 2018, the platform ReadyAssist provides roadside assistance, breakdown support, towing, and repairs for both cars and motorcycles around-the-clock.
“ReadyAssist has always been driven to ensure maximum availability of our services to every customer in the country even during the most difficult days. This funding will definitely help us add wings to our service and ensure that India witnesses uncompromised 24/7 roadside assistance from ReadyAssist across the country in the months and years ahead. Thanks to all our investors or service providers or customers for their faith in us and for helping us in making Indian roads safer to drive on. We now keenly welcome Howen to ReadyAssist, and look forward to partnering with them on the exciting road ahead,” said Vimal Singh SV, founder and CEO of ReadyAssist.
According to a statement from the firm, ReadyAssist has mostly collaborated with significant B2B partners and has a base of more than 600,000 active subscribers, with 50% of them driving automobiles and 10% owning electric vehicles.
“We are very confident that ReadyAssist, with its product fitment and scalable business model, is in a unique position to capture the huge TAM for road-side assistance and ancillary services in India and will be very soon the market leader in this space, backed by a marquee customer base and their growth capital contributors or investor. We are excited to move this collaboration forward and be the partner that would support ReadyAssist scale across geographies,” said Vishal Rana, Director of Howen International.
One of India’s top providers of emergency support, roadside assistance, and on-site repairs for bikes, cars, and electric vehicles is ReadyAssist. Utilizing deep machine learning, data intelligence, and operational effectiveness, the company aims to be an end-to-end vehicle care provider, offering customers the best in class on-the-spot repairs and emergency assistance.