Automovill, A Full-Stack Mobility Startup Raises $500K in A Bridge Round from Mumbai Angels Network, and NEDFi Venture Capital

(L-R) Mridu Das_Founder and CEO, Chinmay Baruah, Co-Founder, Raman Sambu, Co-Founder & CBO

The burgeoning start-up will be directing the funds towards technology adoption, expansion, mid-level hiring, and ramping up the infrastructure of its existing partners and hub networks

Bengaluru, July 20,2021: Automovill, a full-stack mobility start-up has raised USD 500,000 in a bridge round from Mumbai Angels Network, along with its existing investor NEDFi Venture Capital. The round is led by Jay Nagrecha and Sandeep Daga participating through Mumbai Angels Network in the fundraise. Including the current fundraise the start-up has raised a total of 1.2 Mil USD since inception.

While a majority of the fresh infusion of capital will be utilized in bolstering technology adoption, expanding its footprint in multiple cities and mid-level hiring to manage the increase in business, Automovill will also be using the funds in ramping up the infrastructure of its existing partner and hub networks.

Speaking about Automovill, CMD of NEDFi Venture Capital, Mr. PVSLN Murty has said, "Automovill is one of the fastest growing companies in our portfolio. NEDFi is pleased to provide continuous support in establishing Automovill as a PAN-India brand in the mobility sector. Automovill is one of the rapidly growing startups spinning out of the NE region and a great example of entrepreneurial success."

Mridu Mahendra Das, Founder, Automovill said, “the change in the mobility sector and post covid demand in private vehicles has been a great boost for Automovill; to increase its customer base across the country. With the experienced team and adoption of technology in process automation, quality control and increased retail customer base, Automovill aims to increase its footprints in the B2B and B2B2C segments including auto insurance providers."

Speaking on the investment, Nandini Mansinghka, Co-Founder & CEO, Mumbai Angels Network said, “Mobility is one of the fastest-growing sectors with a dynamic market and it’s important for players in the space to evolve and grow with increased technological adoption and scaling. Automovill has been committed to providing seamless, tech-driven services to its customers and this funding will be a testament to the work Automovill has been doing."

The brand has already served around 100000+ orders across 12 cities, witnessing almost double the initially targeted traction. The fresh funds will enable the start-up to further expand its presence sustainably. In line with the current growth rate, Automovill plans to reach a mark of 1.5 Lakh orders by the end of fiscal.

About Automovill

Founded in 2016 in Guwahati, Automovill’s tech-enabled 360-degree approach enables impeccable customer experience by bringing trust, transparency, and convenience. Since its inception, the platform, co-founded by Mridu Mahendra Das and Chinmay Baruah and recently joined by Ramana Sambu as Co-Founder and CBO, has handled 100,000+ cars for both retail customers and B2B clients. Headquartered in Bangalore, Automovill now has a presence in 12 cities with direct retail customers in Bangalore, Delhi-NCR, Hyderabad, and Guwahati. The company also recently added Ramana Sambu to its founding team. Providing its service for nearly 2000 cars per month, Automovill has observed a massive 250% growth post-pandemic.

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