Exclusive: Two-wheeler servicing platform Let's Service gets funding
Bangalore-based Let's Service, an on-demand marketplace and booking platform for two-wheeler servicing, has raised angel funding from QuEST Global chief operating officer Ajay Prabhu and Julia Computing Inc. co-founder Deepak Vinchhi.
The funds, raised earlier this year, will be used to build technology, streamline operations and upgrade its app, Sachin Shenoy, co-founder, Let's Service told VCCircle. He, however, declined to reveal the the amount raised.
It is also in an advanced stage of talks with investors for its pre-Series A round of funding. "We expect to raise pre-Series A funding by the end of next month," Shenoy added.
The startup, which offers its services in Bangalore currently, is rolling out its services in Mumbai and Pune next month. "We have already set up our operations in both the cities," he said.
Founded in October 2015 by Shenoy, Girish Gangadhar and Sachin Radder, the startup, www.letsservice.in run by LetsService Automotive Technologies Pvt. Ltd, allows bike and scooter owners to get their vehicles serviced at authorised service centres with tech-enabled, on-demand scheduling along with pick-up and/or drop-off facilities. The customer can track his bike through the day with intuitive alerts and notifications. Recently, the startup partnered with Quikr to provide convenience to two-wheeler owners on QuikrServices in Bangalore.
Shenoy has earlier co-founded Flit.in, an online marketplace for offline retailers in Bangalore. Prior to that, he had worked with companies such as IBM and MetricStream. Gangadhar has earlier worked with IBM and Toyota, while Radder was an engineer at QuEST Global.
Let's Service charges a convenience fee of Rs 300-400 from customers based on location. It also gets a referral fee of Rs 100-150 per service from the authorised service centres.
Let's Service, which has tied up with around 100 service centres of different two-wheeler brands in Bangalore, claims to have served 10,000 customers so far.
"We are growing at 70% month-on-month and have a run rate of 3500 transactions per month currently," Shenoy claimed.
Over the past one year, the motor vehicle servicing space has seen the emergence of several startups such as DrivoJoy, MotorExpert and Cartisan. These companies have also been able to raise funds from investors. In March 2016, Bangalore-based on-demand two-wheeler servicing startup DrivoJoy raised an undisclosed amount of investment from Indian Angel Network (IAN) and a clutch of others.
In January 2016, Bangalore-based Chatpay Commerce Pvt Ltd, a venture floated by co-founder of AngelPrime-backed kids apparel firm Unamia that had shut in 2014, raised an undisclosed amount in angel funding from founders of Myntra and Livspace for its online car servicing platform Pitstop.
In December 2015, Bangalore-based Bumper, a mobile marketplace and booking platform for car servicing, secured $500,000 (Rs 3.3 crore) in seed funding from venture capital firm SAIF Partners.
In July 2015, Bangalore-based automotive services marketplace Cartisan raised an undisclosed amount in seed funding from Global Founders Capital, Yuvraj Singh's YouWeCan Ventures, TaxiForSure founder Aprameya Radhakrishna and others.
In February 2016, Crossroads India Assistance Pvt Ltd, a roadside assistance provider for cars and two wheelers, acquired online platform MeriCAR.com that helps service centres in the neighbourhood.
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