Bangalore based vehicle maintenance startup Hoopy has raised an undisclosed amount in its recent round of funding from Lead Angels Network and Venturefarmer, a private family office making Pre-Series A to Series B investments. Hoopy is a technologically connected ecosystem for the vehicle after-sales service industry.
Founded in 2016 by Abhinav Shrivastava, Vedic Choubey both IIT Kharagpur alumni & Shashank Dubey BIIB Pune alumni, Hoopy is currently focusing on two wheelers and has completed more than 1 Lac jobs. Hoopy is operationally profitable and claims to have the least CAC in the consumer market and is the dominant market leader in Institutional business of two-wheeler fleet maintenance with clients like Bounce, Vogo, Drivezy etc.
India’s premium angel network Lead Angels which provides 360° support across all stages for startups and Bangalore based family office Venture Farmer have invested in this round. Hoopy was advised by CreedCap Asia Advisors for Venture Farmer investment.
“Tech-enabled operations will be the game changer of this technology starved industry. Hoopy will use this fund in its product development, expanding the team and refinement to further improve customer service and operational efficiencies said Abhinav, CEO of Hoopy.
“Several of our investing members who are also CEOs and CIOs were impressed by the ease and speed with which the company’s workflows can be deployed in their organizations and we see a tremendous opportunity ahead as the company scales up its reach worldwide” adds Sushanto Mitra, CEO, Lead Angels.
Varadarajan Seshamani, Director at ISA Impex Pvt Ltd and President of IITKGP AA adds “Hoopy is one of the rare Startups that employs the power of engineering and good management to provide for the growing demand for actual physical work to take out a major pain point for their customers, rather than just look to the power of e-commerce to generate business ideas. The result of good business research and application of mind”.
The automobile service industry is huge and highly unorganized where 70% of the market share is captured by the local garages. Two-wheeler service industry in India alone stands at $6Bn today. The recent surge in the last mile connectivity of bike rentals, bike taxis, food/medicine/groceries home delivery and adaption of doorstep convenience by customers promises an exciting time ahead for Hoopy.
Lead Angels Network has a process driven investment approach and provides 360° support across all stages for investee companies. Lead Angels is a full stack services company for startups. It provides consulting and execution services for business planning, incorporation and regulatory related filings required for starting up through LA Management & Professional Services. Lead Angels Network provides early stage funding to companies which have achieved traction and looking to prove their disruptive growth hypothesis. Lead Advisory assists companies looking to raise growth capital for scaling their business.
About Venturefarmer, it invests across Agriculture & Food, Artificial Intelligence, Clean-tech, Domestic Brands, Healthcare, Media, Travel & Transportation. Venturefarmer invests in the range of $100k-$700k.