A vehicle ownership platform that goes by the name Automoto has raised the first tranche of its extended pre-seed funding round. With this, it achieved a valuation of INR 100 crore which comes to about USD 12 million. Furthemore, the round was led by Venture Bridge, with other participants including angel investors and high-net-worth individuals (HNIs).
Also to note, the funds will be focused primarily to be used for the launch of Automoto’s first experience center, which will serve as an integration hub for its digital products.
Automoto was established back in 2018 by Sreeraj with a focus on catering in quick service and automotive care for a range of vehicles, right from two-wheelers to commercial trucks. The company looks forward to becoming future-proof by involving itself in offering value-added services such as insurance, IoT integration, connected vehicles, a marketplace, and analytics for automotive insights.
The company is stationed out of Mumbai, and has devised a B2B2C enterprise management system aimed at enhancing the vehicle ownership journey in India. Additionally, the upcoming experience center will integrate these digital offerings, enabling the company to showcase its unique value propositions and the viability of its solutions in real time.
From purchase and servicing to customer engagement, Automoto seeks to address the challenges of vehicle ownership globally by streamlining and enhancing the entire vehicle lifecycle journey.
