Mumbai-based multi-brand car marketplace, MYNEWCAR (.in), has raised $1 Mn (INR 7.1 Cr approx.) in a pre-Series A funding round, sources close to matter told Inc42. The funding has been led by angel investors whose names are not disclosed yet.
Founded in 2015 by Madhukar Manpuria, MYNEWCAR is currently operating in cities like Mumbai, Bengaluru, Pune and Delhi, NCR and aims to deepen and expand its business operations in other cities, including Chennai.
The automobile retail tech startup, recently, also launched another brand Trivz, connecting car buyers to car owners to share their experience and provide test drive and get rewarded. Trivz was launched in Bengaluru and aims to expand to other metros.
From Brick And Mortar To Brick And Click
Many traditional brick and mortar model businesses are now being brought online. New car business model is one of them.
Initially, most of the Indian automobile-related websites were either limited to information, comparison or were limited to used car marketplace such as CarTrade are Cardekho. These platforms also connect potential buyers to loans and insurance providers.
The online car marketplace MYNEWCAR has been working on developing an ecosystem, providing an end-to-end solution and hand-holding customers till the delivery and serve afterwards. This will include the entire life cycle of purchasing a car, starting from the research phase, purchase phase, ownership, and to the repurchase phase.
The brick and click model of MYNEWCAR provides an online platform to book different brands of cars out of currently available 10 companies. One can also ask for the test drive which can even be provided at the buyer’s door, the company claimed.
Once booked, the car is delivered at buyer’s door, depending upon its availability. The MYNEWCAR platform is also focussing on selling and spreading awareness about electric cars as well.