MYNEWCAR, the Mumbai-based car marketplace for multi-brand cars has raised INR 7crores ($1 million to be exact) in a pre-series A round of funding, Inc42 first reported. Several angel investors led the funding round. However, the names of the investors are not disclosed yet.
MYNEWCAR was founded by Madhukar Manpuria in 2015 and operates in cities including Pune, Delhi NCR, Mumbai and Bengaluru. The startup will utilize the freshly raised capital to expand its business operations to more Indian cities starting with Chennai.
The car marketplace recently launched Trivz, a brand which connects car buyers with car owners to share their experience and facilitate test drives. The company rewards the users with cashbacks for being active on the platform. The brand is launched in Bengaluru and will soon expand to other metro cities in the nation.
The startup competes with startups like CarTrade and Cardekho. Earlier this week, CarDekho announced a $100 million fundraising plan from Sequoia Capital. CarTrade also raised $55 million from Singapore-based Temasek in February last year.