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Car Service Startup Pitstop raises $2.5M led by TPG-backed group Landmark

Doorstep car service startup Pitstop has raised an amount of $2.5 million (around Rs 18 crore) in Series A funding round led by TPG-backed Group Landmark. 

Doorstep car service startup Pitstop has raised an amount of $2.5 million (around Rs 18 crore) in Series A funding round led by TPG-backed Group Landmark. 

Moreover the existing investors of Pitstop also took active participation in the round of funding that was previous to this one. 

Additionally the firm received funding worth $2.9 million from Blume Ventures and Goldbell Group of Singapore last year.

Furthermore, the funds will be used for expanding services network to 15 and more cities by this year, the startup stated in a recent conversation.

Pitstop is planning and plotting out to bring on board over 1,000 garages and over more then 1,500 service vans by the year 2021.

Moving ahead Pitstop Founder and CEO Mihir Mohan said that currently, Pitstop caters to over 1 lakh consumers in Bengaluru, Delhi, Pune, Hyderabad, Chennai, Noida, Gurugram, and Faridabad.

Also there is a great deal of learning from Group Landmark as they set up their network of hyperlocal garages and fleet of doorstep vans to take Pitstop to the next one Lakh customers. 

On the other hand Group Landmark stated that with the help of about 200 garages on-boarded on this model, they want to fuel Pitstop’s growth to be the market leader in the space in India with an eye at establishing footprints in Singapore, Vietnam, and other Southeast Asian countries.

Group Landmark is a significant and an adroit player in the auto retail and insurance distribution space.

Pitstop objective is to create a pan-India network of large format garages that offer a one-stop solution for car ownership and maintenance needs and is well prepared and in line for its next round of $15 million funding, the release stated.

Launched in 2015, Pitstop is the country’s first independent doorstep car service and repairs provider. 

With its wide range and wide network of garages and a doorstep inspection and service model, Pitstop offers a complete value chain solution for people who own vehicles.

-Authored by Farheen Malik (Content Developer, Startup-Monk)

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