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GoZoomo raises $5 million from SAIF Partners

gozoomo

Bangalore-based pre-owned car marketplace for buying and selling used cars GoZoomo (previously known as Zoomo) has raised $5 million in funding from existing investor SAIF Partners. GoZoomo will use the funds to add to its operations, technology and leadership team. Currently present in Bangalore and Mumbai, the company says that it has launches pending in Delhi, Pune, Hyderabad and Chandigarh.

In December last year, the peer-to-peer marketplace had raised $1 million in seed funding from SAIF Partners. The company had said that it would utilise the funds to strengthen GoZoomo’s presence in Bangalore and expand to Mumbai and other cities by June 2015.

GoZoomo was founded by Arnav Kumar, Himangshu Hazarika and Aniket Behera in July last year. It had then claimed to have over 1,800 used cars from Bangalore on its app and sold over 100 cars. The startup had also claimed that its app only listed verified cars, and provided alerts based on user’s preference across parameters like budget, age of car, number of kilometers the car has registered so far, and fuel system (petrol, diesel or LPG).

GoZoomo also offers users car inspection services, handles loan, insurance and other paperwork, and provides expert advice on call. The company claims that it does not charge any brokerage for car transactions because it cuts out intermediaries and dealers and brokers. It claims to offer services through the transaction process which include car shortlisting, inspection, paperwork, advance booking, financing, insurance, warranty, refurbishing and post sales support.

GoZoomo claims that it did 200 transactions in Bangalore and 100 in Mumbai last month. It targets 1,000 transactions per month by October this year. GoZoomo says that it uses a pricing data model which excludes ‘manual errors’.

Competition:

Several sites facilitate buying and selling of used cars (through individuals and dealers, unlike the P2P GoZoomo) which include

Tiger Global backed CarTrade.com

Sequoia Capital backed CarDekho.com

Axel Springer & India Today group owned Carwale.com

– Times Group’s Zigwheels.com

Mahindra First Choice Wheels, the used car sales service from the Mahindra group, sold over 55,000 cars through its online auctions platform eDiig in FY14, registering a 50% increase year on year. It claimed to have sold more than 1.5 lakh vehicles through this platform in June last year.

– Horizontal classifieds sites like OLX and Quikr also list used cars.

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