Posted by New Delhi: IIM Lucknow incubated automobile startup Motozite raises an undisclosed amount in a pre-seed funding round from We Founder Circle.
Automobile startup Motozite is an integrated platform for buying and selling pre-owned luxury cars. The startup will utilise the pre-seed funding to scale up technology development and marketing activities.
The duo of Abhinav Verma and Rahul Tiwari started this Gurugram based automobile startup Motozite this year. The startup is building an integrated digital ecosystem to provide a one-stop solution to luxury car buyers and sellers.
It is trying to solve the current challenges of the broken customer journey and tremendous efforts put in by a customer to find the right car.
With the duo’s combined work experience of around 30 years in the automotive and management consulting industry, the startup is focusing on automotive retail digital experience.
“We are proud and at the same time super excited to be associated with We Founder Circle. Being just a few months old startups, we see WFC as a perfect launchpad for our startup,” said Abhinav Verma, Co-Founder of automobile startup Motozite.
“We are sure that our association with We Founder Circle will not only help us in scaling our operations but also in gaining strategic alliances that are essential for our growth,” added Verma.
“The three most important variables for market success are trust, transparency, and convenience, all of which are lacking in the unorganised sector, and we will fulfil the same with our digital approach,” commented Verma.
The funds raised will help the startup to enhance customer acquisition and tech development to bring forth a model integrating all industry stakeholders on one platform. Brand infusing funds to digitising the industry to give a seamless experience to customers to get access to options like digital documentation and digital payment.
“The luxury car market is at the right stage to be disrupted. Motozite team, within a short span of time, has shown that with the right experience and strategy they can change the way people shop in this luxury segment. We back them because of the strong team background and quick execution capabilities”, said Bhawna Bhatnagar, Co-founder, We Founder Circle.
The luxury pre-owned car industry is growing at a double-digit rate, and this trend is likely to continue for many years as mobility ownership is increasing in the country.