Mobility start-up Automovill has raised $ 500,000 in a bridge round from Mumbai Angels Networkand its existing investor NEDFi Venture Capital.
Including the current fundraise, the company has raised a total of 1.2 Mil USD since inception.
According to the company, most of the fresh infusion of capital will be utilised in bolstering technology adoption, expanding its footprint in multiple cities and mid-level hiring to manage the increase in business. It will also be using the funds in ramping up the infrastructure of its existing partner and hub networks.
The brand has already served around 100,000 plus orders across 12 cities, witnessing almost double the initially targeted traction. In line with the current growth rate, Automovill plans to reach a mark of 1.5 lakh orders by the end of the fiscal.
Nandini Mansinghka, Co-Founder & CEO, Mumbai Angels Network, said the company is providing seamless, tech-driven services to its customers, and this funding will be a testament to the work Automovill has been doing.
Mridu Mahendra Das, Founder, Automovill, said the change in the mobility sector and post COVID demand in private vehicles has been a significant boost for the company to increase its customer base across the country. With the adoption of technology in process automation, quality control and increased retail customer base, it aims to increase its footprints in the B2B and B2C segments, including auto insurance providers.
PVSLN Murty, CMD, NEDFi Venture Capital said Automovill is one of the fastest growing companies in NEDFi's portfolio, and it is providing continuous support in establishing Automovill as a PAN-India brand in the mobility sector.