Bangalore-based technology start-up, Zoomo has raised USD 1 million in seed funding led by SAIF Partners. The new funds will be used to strengthen its presence in Bangalore as well as extend to Mumbai and other cities in next six months.
As per a TOI report, the startup is also in talks with potential investors for its next funding round. Founded in July this year by IIT alumni Arnav Kumar, Himangshu Hazarika and Aniket Behera, it offers a mobile peer-to-peer marketplace for buying and selling used cars. Currently, the app is available for Android users only.
The company claims to have over 1800 used cars listed on its app and has sold more than 100 cars so far. The platform supports 1200 active subscribers from Bangalore and receives about 150 listing requests on a daily basis. It does not charge any fee on transactions or listing through its platform.
The app lists only verified cars and also provides alerts based on user’s preferences across parameters such as budget, age of car, fuel system, and the number of kilometers the car has registered so far. Zoomo also offers car inspection services, insurance, loans and paper work filing.
The other players in this space include CarTrade.com (backed by Tiger Global), CarDekho.com (backed by Sequoia Capital), Carwale.com (by Axel Springer & India Today Group) and Times Group owned Zigwheels.com. OLX and Quikr also competes in this space through horizontal classifieds