This investment will be used to increase the company's operations across national and international grounds, all the while focusing on increasing their clientele for connected commercial four-wheeled vehicles
The fund raised will be used to expand the platform's reach by partnering with all used car dealers and more authorised service centres for customers for maintaining their cars and develop warranty tech to provide trust in the used car industry
The company will use the funds to expand to new territories, strengthen its battery assignment technology and build its team to continue scaling operations
In November 2021, the company announced its plans to launch three electric vehicles in India and globally the company set to introduce 25 electric vehicles by 2023
Categories such as two-wheeler (2W), three-wheeler (3W), private vehicle and consumer vehicle saw a drop in registration of 53 per cent, 76 per cent, 59 per cent and 66 per cent respectively
Non-availability of vehicles due to scarcity of semiconductors, a fading pent-up demand and recent price hikes coupled with no festivities and auspicious days landed January registrations in negative zone
December registration witnessed a 11 per cent year-on-year growth due to festival spillover demand and pre-buying due to announcement of price hike in January 2021