ReadyAssist has announced the acquisition of a multi-brand two-wheeler workshop chain, SpeedForce, for $10 million in a cash plus stock deal.
The partnership is expected to facilitate the company in realising its goal of becoming a one-stop solution for all automobile needs through its Super App, which is expected to be available in the Play Store and App Store in the next couple of months.
A press release from ReadyAssist noted that the acquisition will become India’s largest chain of multi-brand 2W workshops and also add strength to its existing network of 8000+ RSA mechanics across the country. Speedforce currently has 300 multi-brand workshops.
Additionally, Speedforce's existing network is expected to accelerate ReadyAssist’s growth plans for roadside assistance and workshop network, giving them a vantage position in the market.
Interestingly, ReadyAssist also plans to strengthen its chain of SpeedForce workshops by adding another 700 2W workshops and 72 4W workshops this year and taking the chain to 1,000 workshops by the end of March 2024.
Vimal Singh SV, Founder and CEO, ReadyAssist, noted that the idea is to scale 1000+ works in the next one year, including 4W multi-brand workshops.
The acquisition will help the company extend the reach to its customers in their need for general periodic services and major repairs, he added.
Kapil Bhindi, Co-founder, SpeedForce, noted that the company plans to scale the number of workshops to 4,000 in the next three years, combining the power of native technology and the network readily available with ReadyAssist.
This integration involves deployment of ReadyAssist’s signature technology systems into the workshops, building a conveniently connected ecosystem for walk-in customers giving them access to emergency assistance services across the country, he added.
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