JAKARTA (TheInsiderStories) – Montir, an on-demand automotive service and spare part company that aims to bring car workshop to customer’s location, announced today that it has secured undisclosed amount of Series A funding from East Ventures.
The investment will accelerate Montir’s mission to become the top one-stop solution for automotive servicing needs. First met in Seattle as finance students, Mikhail Laurus and Dennis Eka Putra founded Montir in 2016 with mission to create a new innovation on automotive industry by applying tech to make the process simpler and more convenient.
In Jakarta itself, car service market (not including body repair) is estimated to be as much as US$1 billion per year. However, it is one of the most time-consuming activity as many car owners are burdened to as they could spend hours, or even days, just to queue and have for their car repaired.
With the rapid growth for on-demand services and e-commerce, many car owners want a one-stop car solution where they can save time and money without compromising service quality. Montir strives to be that solution.
Willson Cuaca, Managing Partner of East Ventures says, Montir is solving
inefficiency problem in the country’s growing automotive industry. He added, Indonesia has 129+ million vehicles on the road (80 percent motorcycles and 20 percent cars).
“We believe that Montir is poised to take the automotive service industry to the next level,” said Cuaca.
Currently, East Venture is an early stage venture fund focused on Southeast Asia and Japan. With a focus on Southeast Asia, as well as networks across Indonesia, Japan, and the United States. The funder is currently investing in more than 300 companies in Asia and the United States, included in East Ventures Indonesian portfolio is Traveloka, Tokopedia, Ruangguru, IDN Times and MokaPOS.
Montir.id founded in 2016. The new startup is the first online platform in Indonesia that offers on demand car services and repairs ranging from routine maintenance such as oil change and brake servicing to heavier repairs such as radiator replacement and AC repairs. Aside from car repair and servicing, Montir.id also provides car salon and towing services.
Based on Coordinating Board for Investment data, the digital investment reached $4.7 billion in 2017. Last year, the total funding flowing to technology-based startups in Southeast Asia reached $7.9 billion, a four-fold increase from the value in 2015.
According to Minister for Information, Communication & Technology Rudiantara Singapore and Indonesia dominate, of which 71.2 per cent of total funds flows to Singapore and 22.1 per cent goes to Indonesia. However, of all the investments that flow, only eight per cent of the funding goes to series B funding. This shows a gap that hinders the acceleration of digital startup growth in Indonesia.