BackThis IIM Lucknow incubated startup raises fund to utilise in pre-owned luxury car market
The funds raised by the brand will be used to enhance customer acquisition and tech development
PremiumIIM Lucknow incubated startup, Motozite, an integrated platform for pre-owned luxury cars, has got undisclosed amount of funding from We Founder. The funds raised by the brand will be used to enhance customer acquisition and tech development to bring forth a model integrating all industry stakeholders on one platform. It intends to add options like digital documentation and digital payment with this pre-seed funding.
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. However, the market is still very fragmented, and organised companies such as luxury brands’ authorised dealerships have a lot of room to grow.
Founded in 2021, the Gurugram based startup is building integrated digital ecosystem to provide a one-stop solution to luxury car buyers and sellers to find the right car.
Abhinav Verma, Co-founder, Motozite affirmed “We are proud and at the same time super excited to be associated with We Founder Circle. Being just a few months old startup, we see WFC as a perfect launchpad for our startup. 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. 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.
"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.
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