Back News / Ace equity analyst Nikhil Vora invests in road assistance co
Ace equity analyst Nikhil Vora invests in road assistance coJanuary 8, 2015
MUMBAI: Former IDFC Securities MD and equity analyst Nikhil Vora’s venture capital firm Sixth Sense Ventures has made a minority investment in the country’s largest road assistance company Cross Roads India Assistance (CRIA). Vora’s consumer-centric fund will be the first institutional investor in the 15-year-old company that assists people in case of vehicle breakdowns.
Vora’s fund is said to have invested just under Rs 10 crore for a minority stake in the company, which employs 500 people and operates across 23 cities currently. “Our investment is expected to help them develop a national footprint,” Vora told TOI. “Cross Roads is the oldest, largest and the only such road assistance company in a vastly under-penetrated market,” he added without disclosing the size of investment.
The deal is consistent with Sixth Sense’s investment strategy of chasing early-stage growth companies focused on “tomorrow’s consumer”. India has about 25 million cars, closely tracking UK’s 30 million. But the domestic road assistance market is just 1% penetrated against 100% in the UK.