Zantrik, a vehicle maintenance start-up developed with Process Innovation, Technology, and Artificial Intelligence, has raised $1 million in seed funding led by Bangladesh Angels and Startup Bangladesh Limited.
Zantrik founder and CEO, Shubho Al-Farooque confirmed the matter to Dhaka Tribune.
Nirjhor Rahman, the CEO of Bangladesh Angels told Dhaka Tribune: "Zantrik has proved to be a survivor, having gone through more than two years of multiple business model iterations while Covid has created enormous havoc for the company and auto owners. The opportunity to digitize the vehicle services market is a multi-billion dollar opportunity in Bangladesh that's growing and Zantrik has every potential to dominate this segment.”
It was one of the eight start-ups that recently received investment as capital assistance of Tk170 million under an agreement signed recently by the ICT department’s Startup Bangladesh Limited.
The start-up had previously raised a total of $600,000 impressing numerous investors including BDVenture, Accelerating Asia, and a few angel investors from Singapore.
With the funds raised, the start-up now looks to digitize 100 garages, to ensure better customer experience, transparency, and value for money for vehicle owners.
According to Zantrik, the traditional way of vehicle maintenance is unstructured and fragmented and lacks transparency, reliability, or any standardization.
Although vehicle workshops have mushroomed up in every corner of the city, only a handful have the proper knowledge about the vehicles or their maintenance and eventually end up damaging them more.
On top of that, there is no standard pricing of parts and services for which customers often feel they are being taken advantage of, lacking any transparency on the maintenance work and cost.
Speaking to Dhaka Tribune, Maszud Asad, one of the new consumers of the platform said: "The platform offers services at a cheaper price than the market. A regular car wash would previously cost me Tk500 but with their service I get it done within Tk350, and that's without any promo codes."
Shusmith Ahsan, another consumer said: " I have bought a car just a year back and was not familiar with the average market price for the service and often found myself getting ripped off as I even had to get the same service twice. However, with the platform, I have a clear idea about the price of the services I want beforehand, and can compare it with other garages.”
Zantrik has been streamlining this by developing a connected system that offers transparency, convenience, and benefits to every stakeholder in this ecosystem.
With its platform, vehicle owners, garages, and suppliers, all are connected to a single platform. From placing a maintenance request by vehicle owners till delivery by a garage, the full execution life cycle is maintained in a fully automated way, and each of these stakeholders gets clear visibility about what's going on- and can ensure value for money and profitability at the end of the day with the right flow of information.
The start-up also offers b2b services and has a number of corporate clients among which are Berger, JTI, ACI, MIR Telecom and Shohag Paribahan. The startup provides a platform for these organizations to schedule their maintenance work and get complete visibility and control over the expenses.
According to its official website, its b2b service of fleet management is able to redefine business expenditure by saving costs up to 30% with 70% less effort and saving 40% of the time.