Roadside assistance startup ReadyAssist has acquired multi-brand two-wheeler workshop chain SpeedForce for $10 million in a cash plus stock deal. The development comes after $5 million fundraises announced by ReadyAssist in November last year.
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Vadodara-based SpeedForce is a chain of two-wheeler multi-brand workshops which claims to have set up more than 300 workshops in the last three years. After the acquisition, the firm plans to scale to over 1,000 workshops in the next one year and 4,000 in the next three years.
Founded in 2018 by Vimal Singh, ReadyAssist is a 24/7 roadside assistance and on-the-spot repair company for both cars and bikes. It intends to address the real-time vehicle breakdown problems of customers using deep machine learning, data intelligence, and operations efficiency.
The startup serves both business-to-business (B2B) and business-to-consumer (B2C) segments.
The Bengaluru-based firm claims to have mobilised more than 7,00,000 vehicles in the first 12 months of its incubation and has a base of more than 600,000 active subscribed customers, with 50% of them being cars and 10% EVs.
Before the pre-Series A round, ReadyAssist scooped up $1 million in a seed round from a clutch of angel investors in January 2021. In the roadside assistance vertical, it competes with Tiger Global-backed GoMechanic, PitStop, and AUTO i CARE. Recently, GoMechanic fired 70% of its employees.
Source @Entrackr
