Pitstop has now secured $2.5 million in the funding round of Series A led by the TPG backed Group Landmark. The existing investors of the PitStop also participated in the earlier round of funding.
The company received funding worth $2.9 million from the Blume Ventures and Goldbell Group of Singapore last year.
The funds will be going to be used for expanding services network to 15 more cities by the end of this year, said the announcement.
Pitstop is also planning to onboard around 1000 garages and more than 1500 services vans by 2021.
“There is a great deal of learning from Group Landmark as we set up our network of hyperlocal garages and fleet of doorstep vans to take Pitstop to the next one lakh customers,” Pitstop Founder and CEO Mihir Mohan said.
“With about 200 garages on-boarded on this model, we 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 stated.
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