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. 

Autocar Pro News Desk By Autocar Pro News Desk calendar 18 Aug 2022 Views icon3119 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Car extended warranty platform, Wisedrive raises dollar 1 million in seed round

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
Honda’s 125cc bikes clock 3 million sales in eastern India, Bihar is top buyer

auther Autocar Pro News Desk calendar17 May 2024

Cumulative sales of the Shine 125 and SP125 record a new milestone; with 1.15 million units, Bihar accounts for 35 perce...

Kia India launches live video streaming of vehicles being serviced

auther Autocar Pro News Desk calendar10 May 2024

Available through the My Kia app, Kia Krystal offers access to all details, including explanations of work, costs, and r...

Tata Motors’ Lucknow plant rolls out 900,000th commercial vehicle

auther Autocar Pro News Desk calendar07 May 2024

Since its inception in 1992, the facility has rolled out cargo and passenger CVs including light, intermediate, medium a...