Bengaluru-based Wisedrive, a specialist in the extended car warranty business is doing well since the start-up was launched in 2021.
Wisedrive has successfully raised $1 million (around Rs 7.9cr) through a seed funding programme.
Wisedrive offers extended maintenance of a cars at manufacturer authorised service centres. The company plans to use the funds to ramp up its operations in major metros over next 12-18 months.
Extended warranty programme for vehicles is gaining importance in the automotive community, especially in the used car business. Kalyandhar Vinukonda, Founder and CEO of Wisedrive said: “The last ten years in India have witnessed a revolution in the business of used cars, but the next ten years will see a revolution in the building of trust in used cars.”
“In the market, there is a lack of transparency in the service history and the usage of the vehicle, the trust levels of the buyer of a used car are significantly lower. We want to make up for it by establishing a relationship of trust with our customers,” Vinukonda added.