GoZoomo (previously known as Zoomo), the Bangalore-based used car P2P marketplace, has shut down, reports Tech in Asia. GoZoomo’s founder Arnav Kumar confirmed to MediaNama that they had indeed shut down the company and have decided to return the money that they have left over back to their VCs. It is unclear how much money GoZoomo used to date and how much it has returned to its investors. Currently, the GoZoomo website is also live, although we expect that the company will phase it out soon. Kumar told Tech in Asia that the unit economics of the business did not add up despite changing the business model several times (like charging for inspections and value added services) and that it would be better to return the money that the company raised as opposed to use it till it lasted. It also cited Kumar as saying that building a sustainable company was hard. According to the report, all 65 GoZoomo employees will get 7 weeks severance pay and assistance with finding new jobs. A year ago, the company raised $5 million in funding from SAIF Partners to add to its operations, technology and leadership team. In December 2014, it raised $1 million in seed funding from SAIF. GoZoomo was present in Bangalore, Mumbai, Delhi, Chennai and Pune and was founded by Arnav Kumar, Himangshu Hazarika and Aniket Behera in July 2014. Standardising used car prices a problem Kumar told the publication that the company had had 3,000 users who bought vehicles…
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