Automoto Valuation Soars to Rs 100 Crore After Successful Pre-Seed Funding Round
Mumbai-based Automoto, a vehicle ownership platform, has achieved a significant milestone by securing the first tranche of its extended pre-seed funding round, taking its valuation to a whopping Rs 100 crore ($12 million). The round was led by Venture Bridge, a renowned venture capital firm, with participation from angel investors and high-net-worth individuals (HNIs).
The newly raised funds will primarily be used to establish Automoto’s first experience center, which will serve as a hub for integrating its digital products. The company plans to utilize the facility to launch its comprehensive B2B2C enterprise management system aimed at transforming the vehicle ownership experience in India.
Founded by Sreeraj in 2018, Automoto has been at the forefront of revolutionizing the automotive industry by offering quick service and automotive care for a range of vehicles, from two-wheelers to commercial trucks. The company’s medium to long-term strategy includes providing a suite of value-added services such as insurance, IoT integration, connected vehicles, a marketplace, and analytics for automotive insights.
By launching its experience center, Automoto aims to demonstrate the viability of its solutions in real-time, thereby strengthening its position in the Indian market. The company’s commitment to streamlining and enhancing the entire vehicle lifecycle journey, from purchase and servicing to customer engagement, is in line with its mission to address the challenges of vehicle ownership globally.
With this significant funding, Automoto is set to accelerate its growth plans and solidify its position as a pioneer in the vehicle ownership technology space. The company’s innovative approach to addressing the complexities of vehicle ownership is a significant step towards shaping the future of the automotive industry in India and beyond.
