Lead Angels, Venture Farmer back on-demand bike repair platform Hoopy

Bengaluru-based on-demand two-wheeler maintenance platform Hoopy has raised an undisclosed amount in seed funding from angel network Lead Angels and family office Venture Farmer.

Founded in 2016 by Abhinav Shrivastava, Vedic Choubey and Shashank Dubey, Hoopy offers maintenance and doorstep services of bikes for institutions and individuals. It offers a software-as-a-service (SaaS) platform to its business-to-business (B2B) clients to manage the maintenance of their fleet of two wheelers.

The startup had previously raised Rs 3.4 crore in an angel round from a group of high net worth individuals (HNIs) in 2017 The company which claims to have completed 1 lakh repair jobs also partners with mobility companies including Bounce, Vogo, Drivezy, Rapido and others.

Its clientele also include grocery retailer Big Basket, and food brands Box8, Chaayos, Pizza Hut and KFC.

“Hoopy will use this fund in its product development, expanding the team and refinement to further improve customer service and operational efficiencies,” said Abhinav Shrivastava, CEO of Hoopy in a statement shared by the company.

The company formalises the largely unorganised auto repair industry, where 70% of the requirements are met by local garages, said the statement. “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,” said Sushanto Mitra, CEO of Lead Angels.

Similar deals:

• Car service platform Pitstop raised an extended seed round in 2018 from blume Ventures and Singapore’s Goldbell Group.
• In 2018, TVS Group backed repair platform Carcrew raised $2 million in a round led by financial backers. Delhi based Carcrew had also acquired ClickGarage in a stock and cash deal.
• Last year auto services platform GoBumpr raised an extended seed round from existing investors The Chennai Angels and global investor network Keiretsu Forum.