Bengaluru-based online marketplace of pre-owned cars Gozoomo has raised around $5 million from SAIF Partner. The fund raised through the investment will be used to strengthen its operations, technology and product leadership, said the company in a release.
Launched in 2014, Gozoomo's peer-to-peer platform for used car buyers which help them to buy verified, pre-inspected cars from direct owners without paying any brokerage. The company currently operates in Bengaluru and Mumbai and is planning to launch in Delhi, Pune, Hyderabad and Chandigarh.
Arnav Kumar, Co-founder, and CEO, Gozoomo said, “This is a huge market with significant room for growth. We are looking to disrupt an industry which is already worth $10 billion.”
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Through its platform Gozoomo, also offers customers various services throughout the transaction including car short listing, establishing a fair price, inspection, paperwork, advance booking, loans, insurance, warranty, refurbishing and post sales support.
“We are confident of our association with a promising platform like Gozoomo. It solves the dual issues of trust & pricing while making used car transactions and, therefore, holds tremendous potential. By removing dealers and middlemen and ensuring that buyers & sellers get the best prices, we are certain that Gozoomo will scale tremendously in the days ahead,” said Mukul Singhal Principal at SAIF Partners.