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ReadyAssist Acquires SpeedForce For $10 Million

Prior to this acquisition, ReadyAssist raised $5 million in a pre-Series A funding round in November 2022

ReadyAssist Acquires SpeedForce For $10 Million

Outlook Start-Up Desk

POSTED ON February 02, 2023 9:46 AM

Bengaluru-based roadside service provider start-up ReadyAssist has acquired SpeedForce for $10 million (Rs 80 crore) in a cash and stock deal. 

Prior to this acquisition, ReadyAssist raised $5 million in a pre-Series A funding round in November 2022. Before that, it raised $1 million in a series-A funding round led by angel investors. 

Founded in 2018 by Vimal Singh the company is known for offering on-the-spot repair services for cars and bikes. Additionally, it aims to provide real-time vehicle breakdown solutions. It has claimed to mobile 7,00,000 vehicles since its inception and served more than 6,00,00 customers. 

Vadodara-headquartered two-wheeler service provider SpeedForce has claimed to organise 300 workshops in the past three years. After the acquisition, the company is eying to add 1000 workshops in one year and 3000 in the next 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,” Singh said. 

“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,” Kapil Bhindi, the co-founder of SpeedForce, said. 

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