Bengaluru-based roadside assistance start-up ReadyAssist has raised $5 million as part of its ongoing Pre-Series A round led by Howen International Fund, SPC.
While ReadyAssist has been predominantly working with large B2B partners, the capital raised will now be leveraged to make roadside assistance even more accessible to direct consumers through its B2C subscription model.
India has more than 300 million vehicles of which around 200 million vehicles are older than three years. There are higher chances of breakdowns occurring in these older vehicles and very few vehicles are covered under a roadside assistance service.
ReadyAssist already has a base of more than 6,00,000 active subscribed customers, with 50 per cent of them being cars and 10 per cent EVs. The funds will be deployed to enhance the service network further to bring in speed and availability through technology across India.
About 50 cities in India have been selected by ReadyAssist for building and nurturing the EV skill sets in mechanics during the first phase.
‘Adding wings to our service’
Vimal Singh SV, Founder & CEO of ReadyAssist said, “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.”
Singh added, “Support to the Indian EV ecosystem and adding speed to our services will have our special focus. Thanks to all our investors/service providers/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.”
Vishal Rana, Director of Howen International said, “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/investor.”
Rana added, ”We are excited to move this collaboration forward and be the partner that would support ReadyAssist scale across geographies.”