Posted on January 31, 2023 VCCiRCLE
ReadyAssist Acquires SpeedForce For $10 Mn
Sundaravijayam Automobile Services Pvt Ltd, which runs roadside service assistance provider ReadyAssist, has acquired Vadodara-based two-wheeler servicing firm SpeedForce for $10 million (around Rs 80 crore) in a cash and stock deal.
With this acquisition ReadyAssist plans to race in India’s largest chain of multi-branded two-wheeler workshops. It also aims to strengthen its chain of SpeedForce workshops by adding another 700 this calendar year, the Bengaluru-based startup said in a statement on Tuesday.
SpeedForce operates two-wheeler workshops in the country and claims to have set up more than 300 workshops in last three years.
“This acquisition will help us extend the reach to our customers in their need for general periodic services and major repairs for both ICE and EV vehicles. Starting with 300 workshops, the idea is to scale over 1,000 works in the next year including 4W multi-brand workshops,” said Vimal Singh SV, founder and chief executive at ReadyAssist.
“After this acquisition, SpeedForce will scale its workshops to 4,000 in the next three years, combining native technology and the pan India network readily available with ReadyAssist,” said Kapil Bhindi, co-founder at SpeedForce.
Founded in 2018, ReadyAssist is a platform which offers round-the-clock roadside assistance, breakdown support, towing and repairs provider for both bikes and cars. Last year, it had raised $5 million in its pre-Series A funding round led by Howen International Fund, SPC.
The larger mobility space has been garnering investors’ traction for quite sometime now.
In November last year, mobility solution provider Automovill had raised Rs 2.15 crore as a part of its pre-Series A funding round led by Inflection Point Ventures.
In the same month, Sajjan Jindal-led JSW Group's venture capital arm, JSW Ventures had marked its first bet in the electric mobility space by investing $2.5 million in MoEVing.