Indonesia-based automotive aftermarket services platform Otoklix has raised US$ 2M in a fresh funding round held in November 2020, led by Sequoia Capital India’s Surge. Other investors include GK Plug and Play, Kopi Kenangan’s Kenangan Investment Fund 1, Lentor Ventures, Noble Star Ventures, and Waresix founder Andree Susanto.
Proceeds from the funding round will be used by the startup to partner with 500 workshops, service 100K cars monthly, and secure 75 percent of wallet share by partnered workshops by December 2021.
Otoklix is also a part of the fourth group of Surge, a twice-a-year rapid scale-up program for startups in Southeast Asia and India.
Otoklix was founded in 2019 by Martin Reyhan Suryohusodo, Joseph Alexander Ananto and Benny Sutedjo and enables users to book automobile services online at a suggested independent workshop in their neighborhood at a standard price. Car owners also obtain a warranty for all dealings with a partner workshop and can monitor their repair and maintenance history using the application. It also offers customer relationship management and supply chain management solutions for autonomous car workshops. The startup claims it has over 100 active workshops and presently services 10,000 cars monthly.
Its customer relationship management (CRM) and supply chain management (SCM) solutions for independent car workshops help increase topline, margin and operational productivity. Workshops also receive procurement savings by simplifying their car parts procurement directly from manufacturers to workshops. Regardless of the pandemic, the startup said its revenue has surged by 13x and its customer base by 40x between April and October 2020. Otoklix expects itself to become the largest aftermarket service network in Indonesia, which will witness 20 million cars on its roads in the next 5 years.
Co-founder Martin Suryohusodo said that Indonesia’s automotive aftermarket sector is somewhat uneven, creating numerous pain points for consumers due to a lack of information transparency, but it is also a relatively undervalued market that holds great potential. He added that when one looks at the US market, shared mobility has positively impacted aftermarket outlay by over 150 percent, and this has really inspired them for a future in Indonesia. Its mission is to help mom-and-pop workshops through standardization to make the automotive service experience reachable and hassle-free for the larger community.
About Surge
Surge is an initiative by Sequoia India and is a rapid scale-up program for start-ups, created to give founders an advantage to scale and develop, make intelligent business model choices at the start, and raise a Series A round soon after. Surge gives founders access to the kind of capital, community, company building support and cross-border experience they need to launch or fast-track their company. It takes place twice a year and is open to companies who are based in or building for the Indian and Southeast Asian markets. Each Surge program includes 10 to 20 startups and runs for 16 weeks.
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