Smart Auto Systems has raised Rs 20 crores of financing support in series A round from Mitsui & Co, which is an arm of Mitsui Group. The newly raised fund will be utilized by the company to further build out its technology platform and expand its geographical presence.
The Hyderabad-based startup, Smart Auto Systems was bootstrapped since its inception and this would be the first external funding for the company. However, the transaction was completed a couple of months ago (as per ROC filing) and three members of Mitsui & Co, Reo Akiyama, Tadashi Matsumaru and Takanobu Murayama, joined Smart Auto Systems’ board of directors in March 2017.
Smart Auto Systems was founded in 2015 by Vijay Gummadi and Venu Donepudi who earlier founded CarZ, a multi-brand car repair and maintenance services startup that offers end-to-end car servicing solutions. According to the ET report, Carz is the parent company of Smart Auto Systems Private Limited.
Smart Auto Systems Private Limited offers 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. Besides, it can also handle stock management functions such as purchases, sales, stock keeping and audit, according to information available on its website.
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 publishing the story online.