Exclusive: IAN invests in on-demand bike servicing enabler DrivoJoy
Bangalore-based on-demand two-wheeler servicing startup DrivoJoy has raised an undisclosed amount of investment from Indian Angel Network (IAN) and a clutch of others, a person privy to the development told VCCircle.
Those who participated in the funding round included research platform for private market investors Tracxn Labs; Shailesh Rao, VP - international operations at Twitter; Bhavani Rana, partner at Amadeus Capital; Deepak Gupta, co-founder of crowdfunding platform Equity Crest; and Kunal Shah, co-founder of Freecharge which was acquired by Snapdeal for around $400 million in April 2015, the person mentioned above said.
The firm declined to comment on the development. An email sent IAN did not elicit a reply till the time of publishing this report.
The startup was founded in June 2015 by Aman Singhal, an IIT Bombay alumnus who has earlier worked with Olacabs; Vishwanath Kollapudi, who has previously worked with Olacabs and Tata Consultancy Services; and Ravindra Akella who has earlier worked with Microsoft.
The DrivoJoy platform allows users to book bike repair and maintenance services at a place and time of their choice.
In a similar space, Bangalore-based Chatpay Commerce Pvt Ltd, a venture floated by co-founder of AngelPrime-backed kids apparel firm Unamia that had shut in 2014, has raised an undisclosed amount in angel funding from founders of Myntra and Livspace for its online car servicing platform Pitstop.
In December 2015t, Bangalore-based Bumper, a mobile marketplace and booking platform for car servicing, secured $500,000 (Rs 3.3 crore) in seed funding from venture capital firm SAIF Partners. In July 2015, Bangalore-based automotive services marketplace Cartisan raised an undisclosed amount in seed funding from Global Founders Capital, Yuvraj Singh's YouWeCan Ventures, TaxiForSure founder Aprameya Radhakrishna and others.
According to VCCEdge, the data research platform of VCCircle, IAN has invested in nine companies in 2016.
In February, Styledotme Fashion and Lifestyle Pvt Ltd, which operates mobile fashion app Styledotme, secured funding from IAN as part of its Small Ticket Funding programme.
In the same month, IAN backed Roadhouse Hostels Pvt Ltd, which runs a chain of hostels targeted at backpackers. In January, it invested in DesignBids, a Delhi-based project discovery platform for architecture and interior design services.
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DrivoJoy is a two-wheeler servicing and repair platform. It is a generation-x way to get bike repaired. Users can book an appointment or can schedule up to a week ahead and one of its mechanics will fix their bikes at their doorstep. The company was founded in 2015 and is based in Bengaluru, Karnataka.
Indian Angel Network Services Pvt. Ltd. is a group of angel investors including entrepreneurs and chief executive officers. It provides funding solutions to startup and early stage ventures operating in various sectors such as agriculture, food processing, banking, financial services, biotech, pharmacy, life sciences, clean tech, water, education, healthcare, information technology products and services, media, entertainment, mobile value added services, retail, telecom, embedded domains, travel, tourism, hospitality, knowledge process outsourcing and business process outsourcing. The company invests between $0.3 million and $1 million with an average of about $0.4 million to 0.6 million and exiting over a 3 to 5 year period through a strategic sale. The company was founded in 2005 and is based in New Delhi, India.
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