Funding Alert
Automobile startup Motozite raises funds through its Pre-Seed round of funding
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ByTejika Bajaj | December 30, 2021
IIM Lucknow-incubated automobile startup, Motozite has recently raised an undisclosed amount in a pre-Seed round from We Founder Circle.
Founded in 2021 by Abhinav Verma and Rahul Tiwari, Motozite offers a curated inventory of pre-owned luxury cars, which includes a wide range of certified cars. It also provides a platform for selling and exchanging luxury cars.
Sources reveal that the automobile company will utilise the funds to enhance customer acquisition and technology development to bring forth a model integrating all industry stakeholders under one platform. It is planning to add options like digital documentation and digital payment.
Expressing her views on the recent round of capital infusion, the Co-founder of We Founder Circle, Bhawna Bahtnagar said, “The luxury car market is at the right stage to be disrupted. The Motozite team, within a short span of time, has shown that with the right experience and strategy, they can change the way people shop in the luxury segment. We back them because of the strong team background and quick execution capabilities.”
Founded in 2020, We Founder Circle is a founder-driven angel network that invests in early-stage firms that want to grow through sustainable and smart methods. The brand assists entrepreneurs with seed finance, company development, and worldwide networking opportunities. Recently, We Founder Circle said that it has deployed $12 million (around Rs 91 crore) in 30 startups across 10 sectors in the first year of operations across the investment deals.
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