ReadyAssist, a roadside service assistance provider, has acquired SpeedForce, a Vadodara-based two-wheeler servicing firm, for $10 million in a cash and stock deal, according to VCCircle report.
With this acquisition ReadyAssist plans to race in India’s largest chain of multi-branded two-wheeler workshops. It also aims to strengthen its chain of SpeedForce workshops by adding another 700 this calendar year, the Bengaluru-based startup said in a statement.
SpeedForce operates two-wheeler workshops in the country and claims to have set up more than 300 workshops in last three years.
“This acquisition will help us extend the reach to our customers in their need for general periodic services and major repairs for both ICE and EV vehicles. Starting with 300 workshops, the idea is to scale over 1,000 works in the next year including 4W multi-brand workshops,” said Vimal Singh SV, founder and chief executive at ReadyAssist.
“After this acquisition, SpeedForce will scale its workshops to 4,000 in the next three years, combining native technology and the pan India network readily available with ReadyAssist,” said Kapil Bhindi, co-founder at SpeedForce.
Founded in 2018, ReadyAssist is a platform which offers round-the-clock roadside assistance, breakdown support, towing and repairs provider for both bikes and cars. Last year, it had raised $5 million in its pre-Series A funding round led by Howen International Fund, SPC.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.