Car E-Marketplace P2PCarz Secures Funding from India Accelerator
India Accelerator backs P2PCarz, India’s first C2C marketplace specially for individual Used Car Buyers & Sellers which helps them end to end.
P2PCarz has recently secured its first institutional funding led by India Accelerator ( India’s Best Accelerator Awardee by StartUp India 2021) backed by StartUp India Seed Fund Scheme the flagship program of DPIIT for supporting early-stage startups on their market entry, commercialization of their proof of concept et al.
P2PCarz aims to put funds to gear up towards creating a GTM motion around their propriety product launched last year on Playstore, create noteworthy traction on proving repeatability of the POC(proof of concept), and test unit economics for their pre-seed round which they plan to open around halfway this year.
Read also – [Funding alert] GrowiT India Secures Rs. 50 Lakhs in Debt funding in Shark Tank India
P2PCarz is 2nd in a series of ventures launched by the Auto-StartUp couple Ms.Tasneem & M [dot] Rehman based in Gurgaon. Earlier the couple scaled an inventory-based Used Car consignment model in Gurgaon from zero to 50Cr INR in aggregate revenue (by GMV) name & styled as AutoRehman®.
Tasneem Vakil (TV) Founder says “We are pretty excited at the overwhelming response of users across the geographies who want to try our product, we are also leveraging technology to build other allied products as part of our offering for solving Used Car Loans and RTO issues for our Users along with a proprietary algorithm for matchmaking individual buyers & sellers basis their usage on the product.”
Interestingly the Founders are Engineering batchmates and a personal goof-up almost a decade back on a Used Car deal by one of the founders brought them together since then it’s been their self-proclaimed mission to democratize the pre-owned car market in India.
Read also – DroneAcharya Aerial Innovations partners with Studio Trika to create breath-taking experiences in the sky
P2PCarz (Launched in 2022) is a 2 sided marketplace and their effort at democratizing the Used Car market in India for people who don’t want to go to dealers for selling and buying their Used Cars. P2PCarz helps individual people to find individual people like themselves who want to buy/sell used cars among themselves in a peer-to-peer fashion.
P2PCarz is for the people, by the people, of the people kind of marketplace, which promises to deliver on an end-to-end experience for people who want to buy & sell among themselves. They are like ‘No Broker” for Used Cars in India.
Read also – [Funding alert] D2C Discovery Platform Blingg Secures $100K in Pre-Seed Funding
Commenting on the investment Mr Abhay Chawla (CoFounder & Partner India Accelerator) says, “40 Lac* transactions in India are recorded every year in Used Cars, these are also growing at a CAGR of 15% P.A and are slated to touch 80Lac to 1Cr transactions per year PAN India by 2027 . Out of these more than 50% of the transactions are carried in a peer-to-peer fashion which are high friction experience for the participants. It presents a fantastic opportunity for reintermediating these transactions and the team of P2PCarz under M [dot ] Rehman & Tasneem who have immense experience in Used Car dealership business & grassroot understanding of the nuances of customer needs along with a grand disruptive vision is our best foot forward towards tipping this market. Happy to be a part of their journey.”
P2Pcarz.Com® (A brand under Credit Wright Pvt Ltd.) is a DPIIT-recognized, first-of-its-kind start-up in the used car market that was co-founded by engineering batchmates and top IIFT and SPJIMR B-school grads who are also seasoned professionals in the auto industry (ex. Maruti, Honda, and Mahindra Channels). It functions as a two-sided electronic marketplace that provides a safe environment for individual used car buyers and sellers to connect and conduct business.
Read also – EV Exclusive NBFC AMU Leasing announces the expansion plans across India