IIM Lucknow Incubated Automobile startup Motozite raises an Undisclosed amount in pre-seed round from We Founder Circle
Pre-Owned Luxury Car start-up disrupting market by digitising vehicle buying experience
Funds to be used for scaling up tech development and marketing
New Delhi : In continuation with their aim to back budding startups by way of mentorship and funding opportunities, We Founder Circle backed Motozite – an integrated platform for pre-owned luxury cars – for their pre-seed round with an undisclosed amount.
Gurugram based Motozite, Founded in 2021 is building an integrated digital ecosystem to provide a one-stop solution to luxury car buyers and sellers. The startup 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. Both co-founder- Abhinav Verma and Rahul Tiwari have combined experience of around 30 years in the automotive and management consulting industry. They have worked on various aspects of the future of automotive retail in their past engagements.
On the Fund Raising 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 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. Brand infusing funds to digitising the industry to give 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. However, the market is still very fragmented, and organised companies such as luxury brands’ authorised dealerships have a lot of room to grow.