Exclusive: On-demand auto maintenance startup Hoopy secures angel funding
Vehicle maintenance marketplace Nephonine Solutions Pvt. Ltd, which offers its services under the brand Hoopy, has raised its angel round of funding from a clutch of wealthy individuals, according to people close to the development.
Hoopy has raised about Rs 3.4 crore ($500,000) to support its expansion plans, according to the people. The names of the investors couldn't be ascertained. Hoopy didn't respond to an email seeking comment.
Bengaluru-based Hoopy is an on-demand online platform that connects vehicle owners with service providers nearest to them. Users can select service centres from its network of garages and a time slot through its platform.
Hoopy offers regular services, washing, denting and painting and repair services. It also provides vehicle pick-up and drop facilities to customers, as also an alternate mode of transport for clients.
The startup was launched in April 2016 by Vedic Choubey and Shashank Dubey. Choubey, an alumnus of IIT Kharagpur, earlier worked with auto parts maker Bosch. Dubey, an alumnus of Balaji Institute of International Business in Pune, worked with Idea Cellular Ltd and Pantaloon Retail in the past.
Bengaluru-based CreedCap Asia Advisors acted as the financial adviser to Hoopy for the transaction.
The firm competes with the likes of Mumbai-based Zonnett and MotorExpert, Cross Roads India Assistance Pvt. Ltd, Helponwheels.in, TVS Automobile Solutions Ltd's MyTVS, Rescuefirst.com and Carzcare.com in the online auto servicing segment.
A number of auto maintenance marketplaces have either raised funding in the recent past or are looking to mobilise funds, as they seek to tap into opportunities in one of the world's largest car and two-wheeler markets.
In May last year, MotoMojo, a mobile app-based marketplace that connects owners of two- and four-wheelers with service stations, raised an undisclosed amount in angel funding from the founders of startup enabler VentesAvenues.
In August last year, VCCircle reported that car maintenance marketplace Zonnett was in advanced talks to raise its Series A round of funding.
In 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.
Prior to that, Cross Roads India raised Rs 10 crore ($1.5 million then) from consumer-centric venture fund Sixth Sense Ventures.