Pitstop Raises $2.5 Million Funding From Group Landmark
Pitstop, the Bengaluru-based doorstep car service, and repairs provider have raised $2.5 million in the Series A funding round led by TPG Growth backed-Group Landmark. It is aiming for expansion in 15 cities by the end of 2020 and planning to onboard over 1000+ garages and 1500+ DST vans by the end of 2021. The existing investors of Pitstop also participated in the funding round. The company received funding worth $2.9 million from Blume Ventures & Goldbell Group of Singapore last year.
Group Landmark, which is a player in the auto retail and insurance distribution space, is now expanding into newer initiatives, including partnering with companies in the Auto space to leverage technological synergies and scale.
Group Landmark said, “Our decision to invest in Pitstop’s growth is backed by their ability to create a unified, differentiated and consistent car ownership experience across the consumer lifecycle. The Tech developments and the first of its kind AI-driven real-time car/ repair order tracking status definitely establish Pitstop’s expertise to own the car service and maintenance vertical by providing an edge to all the partners in the value chain -customer, garage owner, and parts, and this will grow the category. ”
Pitstop, CEO & Founder, Mihir Mohan, said, “We are very proud to be associated with Group Landmark in our journey to change the automotive aftermarket service space across India and South-East Asia. Landmark has many firsts to its name and this investment speaks volumes about the foresight that they have. There is a great deal of learning from Group Landmark as we set up our network of hyper-local garages and fleet of doorstep vans to take Pitstop to the next 100000 customers.”
