CarzSo.com will continue to position itself as the game-changer in the pre-owned cars market.
CarzSo.com – India’s first Virtual Pre-owned Cars Showroom has recently raised INR 5 crores (circa USD 700k) from a group of marquee investors led by Mytash (an Indian investment arm of US early-stage investment fund).
CarzSo.com had recently launched one of its kind “Virtual Reality” based experience store and also became the first Indian auto-tech startup to launch an auto showroom in “Metaverse” space.
The scorching virtual pre-owned car industry in India is expected to witness a hot streak in the next few coming years as the market is witnessing a digital push mainly driven by customers’ preference to limit physical visits for car buying in the wake of Covid; the accelerating trend of digitization will lead to an increasing share of sales through digital platforms.
The growth is expected to be driven by the rural areas, tier 2 and tier 3 cities. According to the stats – non-metro cities contributed 55% of total used car sales in India in the FY2021 which is further expected to grow to 70% by FY2025.
Hence, the start-up that is bringing about a revolution in the way pre-owned cars are sold in India, plans to allocate the funds to launch multiple “Virtual Reality” based stores to further improve its presence in non-metro cities and invest on improving its showroom in “Metaverse” space.
Delighted with fund acquisition, Vaibhav Sharma “Founder & CEO” of CarzSo.com said, “CarzSo.com as a concept emerged in 2019, when we started brainstorming on the challenges in auto industry, we realized that the digital auto industry is emerging as a game changer, especially with the Indian car industry set to become third largest.”
“The role of digitization in the pre-owned car transactions has been profound, which is seen in the rapid increase in pre-owned car-related search queries. Hence, we came up with a vision of building India’s first auto showroom in “Metaverse” space, we are also aggressively working on bringing the “Virtual Reality” technology in the Indian auto industry which could be a game changer in taking the auto industry online.” he added.
“Besides this, CarzSo.com will continue to position itself as the game-changer in the pre-owned cars market. This quarter we plan on filing multiple patents for the use of “Virtual Reality” technology in the auto space, and with growing inventory/revenue we plan on launching 3 to 5 virtual stores to improve our presence in Rural, Tier 2 & Tier 3 market,” he added.
“We are delighted with the current fund raise and believe we have the right team at the right time in the right market to make it big. Putting first things first, we have achieved several milestones in a short span of time and working / focusing on our ‘Circle of influence’, we look forward to soon becoming the fastest growing player in the retail pre-owned car market (focusing on rural area, tier 2 and tier 3 cities),” he added.
Mr Suneja “Director” of Mytash said, “The biggest opportunity in auto space is how best you can digitize the market while tapping non-metro cities (which has the bigger share and is also projected to overgrow metro cities) and ensuring that customer experience remains the main priority. CarzSo has taken up this bigger challenge by launching the “Virtual Reality” technology and building an auto showroom in “Metaverse” space, we believe this would enable them to lead the digitization in this market.”
Mr Suneja will also join the Advisory board and with his decades of experience (working with investor network), helping multiple early stage companies to strategize, raise capital, grow and ultimately get listed on stock exchange, he will mentor the team and help CarzSo reach new heights and become a market leader in this space over coming years.
Source: Business World