BNT Autosoft Pvt. Ltd, which runs auto dealership and workshop management platform Autobix, has raised seed funding from UK-based auto parts maker GardX International Ltd in return for a 25% stake, a top company executive told VCCircle.
The firm will use the funds to scale up its back-end, upgrade its network, cloud and server, and to focus on research and development, Autobix co-founder Karan Talwar said. He did not disclose the amount raised.
“The association with GardX International will help us take our product globally by bundling it with their other products. We can expand in India using their product and network,” Talwar explained.
Autobix was founded in November 2016 by former McKinsey analyst Adhikar Babu, IIT-Roorkee alumnus Pranav Anand and Talwar, who is managing director at parent company BNT Talbros Group. It offers software-as-a-service (SaaS)-based solutions for automotive dealerships. The company aims to integrate the different functions of an automobile workshop to enable transparency for the workshop owner as well as customers.
Initially, Babu and Anand ran the firm as a home and car cleaning startup before pivoting to its current form. Autobix is now part of the auto ancillary manufacturer BNT Talbros Group.
“We’re hoping to generate enough revenues by the next round. We are making profits from our existing revenue stream itself,” said Talwar.
SaaS-based startups that have recently raised funds include San Francisco- and Delhi-based Squad, which secured $2.1 million led by early-stage investor Blume Ventures earlier this month.
Bangalore-based Quicko TechnoSoft Labs Pvt. Ltd, which runs SaaS platform Whatfix, raised $3.6 million (Rs 24 crore) in a Series A round led by Stellaris Venture Partners earlier this month.
Last month, SaaS-based payment services startup Airpay secured Rs 24 crore ($3.6 million) as part of a Series A round led by Kalaari Capital and existing investor Rakesh Jhunjhunwala.