IIM Lucknow-incubated startup, Motozite has raised an undisclosed amount in a pre-Seed round from We Founder Circle, the company said in a statement on Tuesday.
The 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.
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, the statement 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,” said Bhawna Bhatnagar, Co-founder, We Founder Circle.
Founded in 2020, We Founder Circle is a founder-driven angel network that invests between $50,000- $150,000 (around Rs 37 lakh- Rs 1 crore) 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, the statement said.
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.
Earlier this month, We Founder Circle invested in SaaS (software-as-a-service)-based gaming tournament discovery platform EsportsXo, electric vehicle (EV) start-up Oben EV and insurance technology (insurtech) platform, HealthySure.
In November this year, We Circle Founder applied for its first fund with the Securities and Exchange Board of India (Sebi), which seeks to raise Rs 200 crore (around $27 million).