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Fixigo posts 7X rise in scale in FY23, expenses rise to Rs 9 Cr

  • May 7, 2024
  • By Team TheKredible
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Delhi headquartered Fixigo witnessed a 7X rise in scale to touch Rs 6.2 crore in the fiscal year ending March 2023 from the preceding fiscal’s Rs 90 lakhs.

Its revenue from operations contributed over 99% the same year while FY22 saw the entirety of the revenue coming in from operations.

Founded by Ajay P., Fixigo is a car repair and maintenance startup that provides on-demand car repair and maintenance services.

The platform connects users with certified mechanics who can come to their home or office to fix their car. It also offers a variety of other services, such as car washes, tire rotations, and oil changes.

The automotive tech startup secured close to Rs 3.7 crore in its Seed round in 2022. The round was led by Agility Ventures and saw support from the likes of Alienics and Tarun Kalra.

Post the round, Samiullah Shaik held over 30% while Pooja Mehta and Ajay Pahwa own over 18% of the company shares each.

The six-year-old company’s expenses rose 6X to touch Rs 9.6 crore in FY23. This was a considerable gap from FY22’s Rs 1.6 crore.

Its major expenses which took over 25% of the overall expenditure was employee benefit costs. While materials cost over 8%, advertisements and promotional costs took up close to 3% the same year.

As for losses, it crossed to Rs 2.5 crore in FY23. This was a 5X gap from the previous fiscal year’s Rs 55 lakhs. Its current EBITDA and ROCE stand at -54.20% and -210.93% respectively.