Bengaluru, NFAPost: AutoBrix, one of the leading on-demand doorstep automotive service providers, has raised an undisclosed growth capital via GetVantage, India’s leading Revenue-Based Financing marketplace. AutoBrix will use the capital infusion to accelerate the growth of its highly rated doorstep car service.
AutoBrix Auto Service Powered by AI Tech
Bengaluru-based AutoBrix was founded by Pratibha Shalini and Kalyandhar Vinukonda in 2018. It provides auto service to more than one lakh customers across 7 metro cities. AutoBrix had recently acquired an AI-based auto service company, Cartisan. The AI technology helps users to evaluate the car damage and get an instant quotation for the damage repair by capturing an image through AutoBrix App.
AutoBrix Offers 200+ Doorstep Services
AutoBrix is a Doorstep Automotive solution where users can schedule their vehicle service as per their convenience and can avail it at their doorstep. The Company Offers 200+ Doorstep Service including Car wash, Car sanitization, oil change, brakes, A/C Service, periodic maintenance, OBD2 diagnostics, and more.
Customers get an upfront price for services and book an appointment through the AutoBrix mobile app or website. AutoBrix provides customers with transparent pricing that is on average 30% less expensive than traditional shops and dealerships.
End-to-end Service with Safety Measures
It is considered to be India’s most convenient and transparent Auto service provider with end-to-end service being performed at the customer’s location. The complete process has been made contactless with multiple sanitization points and safety measures to ensure the safety of Executives and customer’s from Covid-19.
GetVantage’s backing to AutoBrix will strengthen the company’s profile which will help the company to accelerate its growth, with existing investors like Dr. Apoorva Sharma, Mithesh Shah, Rahul Bothra, Prakash Iyer, Karan Kumar and Lalit Agarwal already being part of it.
Bhavik Vasa, Founder, GetVantage said, “ We have been extremely active in this past year and have raised funds for 30 brands across the ecommerce sector”
GetVantage, India’s first Revenue Based Financing marketplace was founded in 2019 by Bhavik Vasa. It’s a very unique platform that helps companies raise capital to grow based on a data-driven projection of its future revenues, at no interest % and no equity dilution, just one flat fee.
GetVantage uses a proprietary machine-learning-based credit decision engine and an all-cloud management system (DMS). The fintech focuses on streamlining the capital raising process and aim’s to make it data-driven, easy, transparent and fast.
RBF’s no equity dilution helps founders to raise growth capital for digital spending without diluting any equity or business control. GetVantage recently raised $5 Mn of funding with a mixture of equity and debt line it can use for funding businesses.
Bhavik Vasa, Founder at GetVantage added, “In the past 6 months and COVID times, the On-Demand services sector has witnessed an exponential surge and the AutoBrix team led by Pratibha and Kalyandhar have capitalized on it brilliantly. We are extremely excited to fuel AutoBrix’s growth as they leverage & expand their services to multiple cities across India in the coming years.”
“Autobrix is transforming the on-demand doorstep Autoservices market in India. Auto services is a multi-billion dollar market in India filled with in-efficiencies, lack of transparency in pricing & quality, highly fragmented & largely un-organized. It’s a classic recipe for disruption. Kalyan & Shalini have built a robust services product keeping consumer cost, convenience & transparency in mind. Autobrix success lies in its team, technology & strong processes & systems” Mr. Sagar Agarwal, Ex-MD Evolvence Fund Said.
Doorstep Services – A New Trend
Pratibha Shalini said that with this fund we will be multiplying our revenue 4X in 12 months. Doorstep services are the new trend in the country post-pandemic and there has been a 200% increase in the number of customers who are looking for doorstep auto services. The minor services market is 70% of all the services per year which can be done at the doorstep.
Autobrix’s AI-Technology specializes in identifying and evaluating car damage and its condition through images captured by its application. It then gives a standard cost estimation for repair/replacement of damage.
This helps car users in decision-making with complete transparency from the comfort of their homes. With 1000+ car’s already using the beta version which rolled out a few weeks back the tech-based automotive solution is rapidly gaining an edge over its competitors being the only Automotive Company with such technology.