Pune-based GarageWorks, a technology-enabled B2C startup offering two-wheeler servicing to customers through a convenient at home-process, said it has raised $1 million or Rs 7.5 crore in a pre-Series A funding round led by various notable angel investors, including Hiten Shah, Gowri Narayanan, Ram Trichur, Fred Towfigh, Abhijeet Kumar, and Munendra Singh (ex-founders of BB Daily).
This is the company’s second round of fundraising after an initial angel round. Existing Investors Dr. Aniruddha Malpani, Pawan Sharma (ex-CEO of KPIT Technologies), Gautham Radhakrishnan & Gaurav Malhotra also participated in this round.
With this round of funding, GarageWorks will focus on expanding its geographical footprint, enhance its technology suite, and recruit talent. Since its inception, GarageWorks says it has focused on providing two-wheeler owners with periodic maintenance, inspection, and repair services. Users can digitally schedule a home visit by a trained and skilled service provider partner, it said.
“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 individual customers and currently gets a 70% retention rate. The startup caters to over 200 vehicle servicing jobs daily and has completed over 1.2 lakh lifetime services, it claims.
Additionally, It plans to create a robust marketplace for complete two-wheeler management, which will include Tyres, Batteries, Insurance, Loans, and Warranty.
“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 creating a self-sustaining ecosystem for self-driven individuals who wish to run their repair and servicing business. The digital ecosystem eliminates the need to have a physical setup, enabling anyone to start their business. The GarageWorks training and support enable them to become champion service providers, it adds.