Car extended warranty platform, Wisedrive raises dollar 1 million in seed round
The company plans to use the funds to ramp up its operations in major metros over next 12-18 months.
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.
RELATED ARTICLES
Modern Automotives targets 25% CAGR in forged components by FY2031, diversifies into e-3Ws
The Tier-1 component supplier of forged components such as connecting rods, crankshafts, tie-rods, and fork bridges to l...
VinFast’s second plant in Vietnam goes on stream ahead of India factory
Vietnamese EV maker’s second plant in its home market, which has a 200,000 EVs-per-annum capacity, will focus on produci...
Continental exits TBR market in India, shifts focus to car and SUV radials
German tyre manufacturer aims to tap the double-digit market growth opportunity for big SUV and luxury car tyres which w...