LC Nueva Alternative Investment Fund AIF, the early stage venture capital fund of LC Nueva Investment Partners has spearheaded a $1 million fundraising for Wisedrive, Southern India based car extended warranty startup. Wisedrive intends to use the raised capital for its expansion drive into metros. Plans are also underway to collaborate with authorized service centres and used car dealers.
Other participants in the round include: Bhavadeep, and Spiral Ventures; a Japanese venture capital fund focused on Asia.
Wisedrive was founded by Kalyandhar Vinukonda to offer car extended warranty services which covers the free maintenance of used cars, and gives an integrated pro-Indian road side assistance to subscribed motorists at no extra cost in designated manufacturer authorized service centres.
Wisedrive is India’s first used car extended warranty service offering customers an opportunity to protect their cars and save time and money on car maintenance expenses. The company prides itself as a symbol of quality and warranty.
The idea behind an extended warranty is to cater for used car owners own a car whose original manufacturer or dealer guaranteed warranty has run out. The biggest repairs and breakdowns when it comes to autos occur when the manufacturers warranty has elapsed.
An implementation of Wisedrive’s expansion blueprint within a projected 12-18 months window should see the company which presently operates only in Bengaluru (Bangalore) spread into all the metro areas.
As originally reported in (https://entrackr.com/2022/08/wisedrive-raises-1-mn-seed-round/)