India Accelerator invests in P2PCarz
- ByStartupStory | February 25, 2023
P2PCarz has received its initial institutional funding, with India Accelerator leading the way. India Accelerator, which was awarded StartUp India 2021’s Best Accelerator, is supported by StartUp India Seed Fund Scheme, the Department for Promotion of Industry and Internal Trade’s flagship program aimed at assisting early-stage startups with market entry and proof-of-concept commercialization.
P2PCarz intends to utilize the funds to accelerate the creation of a go-to-market strategy for their proprietary product that was launched on Playstore last year. Their primary objective is to establish significant traction and demonstrate the reproducibility of the proof-of-concept, as well as test unit economics for their upcoming pre-seed round, which they plan to launch in the middle of this year.
P2PCarz is the second in a series of ventures launched by Ms. Tasneem and M. Rehman, the Auto-Startup couple based in Gurgaon. Prior to P2PCarz, the couple had successfully scaled an inventory-based used car consignment model named AutoRehman, which generated an aggregate revenue of 50Cr INR (by GMV) in Gurgaon.
It is noteworthy that the founders of P2PCarz are former engineering batchmates, and a personal mistake made by one of the founders almost a decade ago on a used car deal brought them together. Since then, they have made it their self-proclaimed mission to democratize the pre-owned car market in India.
P2PCarz is a marketplace designed by the people, for the people, and of the people, which pledges to provide a comprehensive end-to-end experience for individuals who want to buy and sell used cars amongst themselves. Similar to “No Broker,” P2PCarz is a platform that aims to eliminate intermediaries from the used car market in India.
Tasneem Vakil, the Founder of a company, expresses excitement about the positive reception of their product from users worldwide. Additionally, the company is utilizing technology to develop other related products to address concerns regarding Used Car Loans and RTO issues. They are also employing a proprietary algorithm to facilitate matchmaking between buyers and sellers based on their usage of the product.
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