Automotive technology startup Smart Auto Systems Raises $3 Million (about Rs 20 Cr) as Series A funding from Tokyo-based Mitsui & Co, which is part of Japanese conglomerate Mitsui Group as per documents filed with the Registrar of Companies.
The transaction was completed a couple of months ago and three members of the strategic investor joined Smart Auto Systems’ board of directors. Smart Auto System will use their fresh investment to create its technology platform and expand its geographical presence and promote their world-class services.
The Hyderabad-based startup was founded in the year 2015 by Vijay Gummadi and Venu Donepudi. This is the first external funding of Smart Auto Systems, as it was bootstrapped since its inception. The startup provides automotive technology solution named Autorox, a mobile-based garage/workshop management software for passenger cars. The software offers a suite of features in one package that includes opening a job card, creating an estimate, assigning technicians, work execution, inventory management, insurance process, quality check, invoicing and customer feedback.
A spokesperson from Smart Auto System said: “It is a technology company for automotive repair and maintenance. The funds will be used for technology and geographic expansion of the company, Mitsui is a strategic investor in Smart Auto Systems. The amount raised by the company could be part of a larger round. However, this could not be independently verified. Founders of Smart Auto Systems refused to comment and email sent to Mitsui did not elicit a response at the time of the story going to print.”
Following the investment, three members of the strategic investors have joined as the board of director in Hyderabad-based Smart Auto Systems.
The founders had earlier co-founded CarZ, a multi-brand car repair and maintenance services startup, which has reportedly raised $5 Mn from IndoUS Venture Partners in 2011. CarZ has seen a periodic infusion of funds, with the latest one of Rs 3 crore taking place in April. Read more about Indian Startup Ecosystem.