Pitstop strengthens its leadership team, appoints Nihal Shetty as CEO, Services
Pitstop strengthens its leadership team, appoints Nihal Shetty as CEO, Services
In his last role Nihal worked as Country General Manager at WeWork India
Bengaluru, 20th July 2021 - Pitstop, India’s most trusted tech-enabled multi-brand car service provider, has announced the appointment of its new Chief Executive Officer - Services, as it prepares to move ahead with the next stage of growth.
Pitstop envisages FY 21/22 to be a period of hyper growth as lotmore customers are looking for safer, more reliable, and convenient car service options. The company achieved an average monthly growth of 40% in 2020. The biggest surge in its customer base came from women car owners, growing from a negligible level in early 2020 to close to 23% today. A significant portion of its customer base comes from the gated communities backed by IT Corridors. As part of its expansion plans, it aims to make a more homogeneous inroads across the cities where it has a significant presence.
“The auto aftermarket industry is at an inflection point. There are new technologies fuelling new business models. Pitstop continues to innovate and scale in our current and newer markets. If the last few quarters are any indication, where we grew by almost 40% month on month, 2021 will be a watershed year for us as we grow vertically as well as horizontally. I am delighted to have Nihal onboard during this exciting period. This will help support our mission and deliver on our objective to elevate the car servicing experience in India. Nihal’s experience and knowledge is vital in helping us drive value across the entire customer lifecycle.” said Mihir Mohan, Founder, Pitstop
Nihal was previously the Country General Manager at WeWork India and was responsible for the P&L, customer experience, and monetization in the region. An alumnus of the Indian School of Business and University of Michigan, he has more than a decade of experience in automotive, real estate and e-commerce.
Commenting on his appointment, Mr. Nihal Shetty, said“There is a huge opportunity to improve customer experience in the aftermarket space through the adoption of technology across the chain on the supply side and digital adoption on the demand side. The industry, expected to grow from INR 50,000 Cr to INR 100,000 Cr by Fy30, is ripe for this adoption and changes in consumer preferences. Pitstop is at the center of this change having built a robust tech-stack both on the supply and demand side that is focused on solving for customer experience. We see this as a huge opportunity and a responsibility towards our customers who have continued to endorse us for our product and service. I am excited about the vision and resonated with the values of Mihir and the Pitstop team. I look forward to working with the team to expand on our mission to deliver transparency, affordability, and exceptional customer experience.”
Pitstop has built a seamless platform with over 250+ garages, where it helps garages upskill their technicians, procure genuine spare parts and provide consumers with a service warranty. The aim here is to build a rapport of trust amongst customers and uphold transparency. With its unique home service offering, Pitstop brings transparency, accountability, and convenience to India’s broken car repair experience.
About Pitstop: Started in 2015 by Mihir Mohan, Pitstop aims to address the massive gap in the car service industry where only 8500 branded and authorized service centers exit to cater to over 32 million cars. Pitstop works with existing local multi-brand car service by reskilling, training, and giving access to state-of-the-art equipment and OEM spares. With its unique home service offering, Pitstop brings unparalleled transparency, accountability, and convenience. Currently, Pitstop service is available in 12 locations including Bangalore, Hyderabad, Mumbai, Delhi-NCR, Pune, Kolkata, Agra, and Darbhanga. The start-up has raised USD 9.7m till date along with USD 3.5 million raised in a Pre-series-B recently. The funding was led by Ventureast with participation from ACKO Technologies, LetsVenture, AngelList India, Blume Ventures, among others.
