VC firm, Saif Partners has invested $1 Mn in Bangalore based YoungMonk Technologies, the startup behind Zoomo, an peer to peer marketplace for used cars.
Zoomo was founded earlier this year by IIT alumni Arnav Kumar, Himangshu Hazarika and Aniket Behera.
The platform currently has over 1800 verified cars listed, 1200 subscribers all from Bangalore, and has already facilitated the sale of 100 cars.
According to the company they are witnessing over 150-odd incoming listing requests per day. “Last month, we did a GMV (gross merchandize value) of INR 3 Cr. (under $500,000),” said Arnav Kumar, CEO of Zoomo.
Zoomo will use the raised funds to increase its presence in Bangalore and expand to Mumbai and elsewhere in the next six months.
Recently, Saif Partners has also invested in Bangalore based healthcare startup Qikwell Technologies and Delhi-based Travel Triangle.
