Entropy Innovations Pvt. Ltd., an engineering technology startup that has designed and manufactured an automatic motorcycle wash machine called Express Bike Wash, has raised an undisclosed amount of angel funding. The angels from ah! Ventures, together with Mark Mobius, Executive Chairman of Templeton Emerging Markets and AdvantEdge Incubator partnered to fund the startup.
The deal was advised and syndicated by ah! Ventures and led to closure on its private equity investment platform, CLUBah.com. Mobius has invested in this firm in his personal capacity.
The machine is capable of washing even the dirtiest of motorcycle within 2-5 minutes. Entropy also has stores in Mumbai under the name – ‘The EBW Store’, and has catered to roughly 100,000 motorcycles over the last eighteen months.
Founded in 2013, the company’s plans to use this round of funding to increase its team size for a nationwide presence. Going ahead, Entropy team has identified this B2C segment profitable enough for scaling exponentially via a franchise model. “Our future plan is to empower all manual washing centers with an automated washing machine. Petrol pumps, malls, corporate parks, societies are the potential B2C target areas. We see a huge potential at captive areas like petrol pumps. These markets have an analogy in foreign markets where pumps have an automated car washer” added Jigar Vora, Co-founder of Entropy.