GarageWorks, a Pune-based technology-enabled B2C startup that provides two-wheeler servicing to customers through a convenient at-home process, announced that it has raised $1 million (Rs 7.5 crore) in a pre-Series A funding round led by Hiten Shah, Gowri Narayanan, Ram Trichur, Fred Towfigh, Abhijeet Kumar, and Munendra Singh (ex-founders of BB Daily).
Following an initial angel round, this is the company’s second round of funding. Dr. Aniruddha Malpani, Pawan Sharma (ex-CEO of KPIT Technologies), Gautham Radhakrishnan, and Gaurav Malhotra were among the existing investors who took part in this round.
GarageWorks will use this round of funding to expand its global footprint, improve its technology suite, and hire more employees. GarageWorks claims to have concentrated on delivering periodic maintenance, inspection, and repair services to two-wheeler owners since its inception. According to the company, users can digitally plan a home visit from a trained and professional service provider partner.
“We are excited about bringing change to the two-wheeler ecosystem, and this latest investment will further support us in achieving our vision,” Shishir Gandhi, Co-founder & CEO of GarageWorks, said.
GarageWorks claims to have served over c.80,000 unique customers, with a current customer retention rate of 70%. According to the company, it handles over 200 vehicle servicing operations every day and has completed over 1.2 lakh lifetime services.
It also intends to build a robust marketplace for entire two-wheeler management, including tyres, batteries, insurance, loans, and warranties.
“Post-Covid ecosystem rules and consumer preferences have seen a tectonic shift towards digital engagement, soaring quality, and convenience demands. This is visible from the 10x increase in our website visits and a 4x increase in our volumes,” Shishir said.
He further said GarageWorks aims to secure a foothold in the top 10-12 cities and make doorstep services a primary choice for the customers to manage their two-wheelers. “Be they IC engines or EV, our focus on technology, data, and asset-light operations is enabling GarageWorks to disrupt the two-wheeler ecosystem from vehicle sales through to end-of-life,” he adds.
“We are delighted to support Shishir and the team at GarageWorks as they seek to revolutionize the 2-wheeler market in India. We have been impressed by their achievements to date and excited by the opportunities for the brand in the financial services ecosystem,” said Hitesh Shah, one of its investors.
“In the long run, GarageWorks aims to become the sole destination for a complete two-wheeler ownership lifecycle, from repair and maintenance to insurance to a marketplace for genuine parts and accessories,” the company said in a statement.
The Pune-based startup is also building a self-sustaining ecosystem for entrepreneurs who want to establish their own repair and service businesses. The digital ecosystem removes the requirement for a physical setup, making it possible for anybody to start a business. It goes on to say that the GarageWorks training and assistance have helped them become champion service providers.
