Thursday, June 8, 2023

Roadside assistance startup ReadyAssist acquires SpeedForce for $10M

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Bengaluru-based Roadside assistance startup ReadyAssist has acquired multi-brand two-wheeler workshop chain SpeedForce for $10 million in a cash and stock deal. The announcement comes two months after it raised $5 million in a funding round led by Howen International Fund, SPC.

With this, ReadyAssist plans to race in India’s largest chain of multi-branded two-wheeler workshops. The startup also aims to strengthen its chain of SpeedForce workshops by adding another 700 this calendar year, the startup said.

Founded in 2018 by Vimal Singh (CEO), ReadyAssist is a platform offering round-the-clock roadside assistance, breakdown support, towing and repair providers for bikes and cars.

SpeedForce operates two-wheeler workshops in the country and claims to have set up more than 300 workshops in the last three years. It plans to scale to over 1,000 workshops next year and 4,000 in the next 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.

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