This startup supplies prolonged guarantee for used vehicles, raises $1 million in seed funding


Wisedrive, a automotive prolonged guarantee market, has raised seed funding headed by LC Nueva Funding Companions (AIF). Spiral Ventures, an Asia-focused Japanese VC fund, Bhavadeep Reddy, angel investor and HousingMan.com co-founder, and others participated within the spherical. The enterprise will utilise the funding to associate with used automobile sellers and authorised restore centres to assist prospects preserve their vehicles and develop guarantee tech to construct belief within the used automotive sector.

Wisedrive’s prolonged guarantee consists of free upkeep of used vehicles at manufacturer-authorized service centres and PAN India Highway Facet Help to cut back engine and gearbox issues. So, purchasers can belief offline auto sellers and used automotive sellers can finalise offers 60% quicker, the startup said.

Kalyandhar Vinukonda, the founder and CEO of Wisedrive, mentioned that previously ten years India has witnessed a revolution within the discovery of used vehicles, however the subsequent ten years will see a revolution within the constructing of belief in used vehicles.

“As a result of there’s a lack of transparency within the service historical past and the utilization of the automobile, the belief degree of the customer of a used automotive is considerably decrease. Regardless of this, India sells 6 million used vehicles yearly, a quantity that’s rising at a compound annual development fee (CAGR) of 15% 12 months over 12 months. There’s a lack of belief, and we need to make up for it by establishing a relationship of belief with our prospects,” Vinukonda mentioned.

Prolonged Guarantee is a worldwide accepted monetary product with greater than 95% acceptance within the US, Europe and different elements of the world because it ensures belief and transparency within the used automotive trade.

Wisedrive’s Prolonged guarantee covers each the engine and the transmission (handbook and computerized), and is at present exploring extra parts so as to add to its product roadmap. Along with that, it gives free PAN India RSA to all of its guarantee holders.

Ashish Chand, founding associate of LC Nueva, mentioned that the nation’s used automotive market noticed a rise in organised and partially organised gross sales. About 4.4 million used vehicles have been bought in FY20, in comparison with 2.8 million new passenger vehicles.

“The Indian market, which is delicate to cost and mileage, ought to see a rise in demand,” he mentioned.

Sujit Kunte, head of India, Spiral Ventures, mentioned that Wisedrive’s pioneering prolonged guarantee product solves the elemental challenge of belief within the buy of used vehicles. 

Wisedrive at present has partnered with authorised service centres of manufacturers like Honda, Hyundai, Maruti, Volkswagen, Skoda, Mahindra Tata and Toyota. It is going to quickly be straight partnered with OEMs, which is able to give it publicity throughout the nation. The corporate now operates in Bengaluru, however over the following 12–18 months it plans to broaden operations to different metro areas.
 

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Wisedrive, a automotive prolonged guarantee market, has raised seed funding headed by LC Nueva Funding Companions (AIF). Spiral Ventures, an Asia-focused Japanese VC fund, Bhavadeep Reddy, angel investor and HousingMan.com co-founder, and others participated within the spherical. The enterprise will utilise the funding to associate with used automobile sellers and authorised restore centres to assist…