Hyderabad-based Smart Auto Systems, an automotive technology and bootstrapped startup has raised Rs 20 cr of funding in series A round. Mitsui & Co, which is an arm of Mitsui Group, has invested in the startup, according to documents filed with the Registrar of Companies (ROC).
The document filed also stated that the transaction was completed a couple of months ago and three members of Mitsui & Co, Reo Akiyama, Tadashi Matsumaru and Takanobu Murayama, joined Smart Auto Systems’ board of directors in March 2017.
The fund raised will be used to further build out its technology platform and expand its geographical presence.
Smart Auto Systems, a technology company for automotive repair and maintenance was founded in December 2015 by Vijay Gummadi and Venu Donepudi. The company offers Autorox, a mobile-based software which has a feature of opening a job card, creating an estimate, assigning technicians, work execution, inventory management, insurance process, quality check, invoicing and customer feedback in a single platform
Vijay Gummadi and Venu Donepudi also founded CarZ, a Hyderabad-based multi-brand car repair and maintenance services startup and the parent company of Smart Auto System. It has a presence in Telangana, Karnataka and Tamil Nadu, is expected to expand to other states in southern and western India by the end of 2017.
CarZ (Vahan Motors Pvt Ltd) which had raised $5 million from IndoUS Venture Partners in 2011. Since then, CarZ has seen a periodic infusion of funds, with the latest one of Rs 3 crore taking place in April earlier this, as per data available on research platform Tofler.
Smart Auto System competes with the likes of Carnation Auto, CAMA Motors Pvt Ltd, KAP Automobiles Pvt Ltd, Uday Auto Link Pvt Ltd, to name a few
Founded in 1947, Mitsui & Co is one of the largest general trading companies from Japan and has presence in businesses like energy, machinery, chemicals, food, textile, logistics, finance, including others.