Motozite is building an integrated digital ecosystem to provide a one-stop solution to luxury car customers (new/pre-owned car buyers and sellers). The startup is solving the current challenges of the broken customer journey and tremendous efforts put in by a customer to find the right car. Motozite integrates all the industry stakeholders (dealers, finance co., insurance co., logistics co., RSA provided, service aggregator) on one platform and provides customers with options such as buying or selling pre-owned cars, buying new or demo cars, finance, and insurance to achieve seamless and digitally-enabled customer journey.
How the Company Started
Both the co-founders have always worked in the automotive industry as they shared a passion for cars. As management consultants, the duo worked on several engagements related to the future of automotive retail. Pre-owned car market was one of such future trends. That’s where it clicked. Pre-owned car industry in Bharat is still way behind the developed economy and there is a huge scope in organising this market. We focused on the luxury car market as the customer segment is quite different from the rest of the market and is particularly looking for trust and convenience. Here, customers are spending a considerable amount of money on purchasing their dream cars. Therefore, they have to be treated in an exclusive way. That’s where Motozite comes in.
Initial Challenges
During the early days, the biggest challenge was to get the supply of the cars on our platform i.e. to get the dealer partner on-boarded. However, our extensive experience in the automotive sector and networking in the industry helped us in overcoming this challenge. Moreover, we offered a unique value proposition to our dealer partner which hit the sweet spot with them. Today, we have dealer partners across five major cities including Delhi, National Capital Region and Mumbai.
Market Value and Investments
Motozite raised last round at Rs 18 crores valuation (July 2022), total funds raised so far stand at 47 lakhs.
Export and Sales of Products
Motozite offers its service to the partner dealerships on a transaction-based fee. Motozite acquires leads and qualifies them before assigning to the dealer partners. A transaction is defined as purchase of a new car/ pre-owned by a customer or purchase of a pre-owned car by a dealer from a Motozite customer. In addition to this, Motozite earns revenue from sale of finance and insurance products to its customers. In less than two years, Motozite has achieved a GMC of Rs 66 crores and revenue of Rs 1.25 crores.
Both co-founders, Abhinav Verma and Rahul Tiwari, have experience of 16+ years each in the automotive and management consulting industry working with leading global automotive OEMs. Both have worked on various aspects of the future of automotive retail in their past engagements.
Future Vision
Our vision is to digitise the entire customer journey and provide all solutions digitally to our customer and dealer partners (e.g., digital documentation, online booking and purchase, video call for demo through our app, instant messaging between dealer and customer). Apart from offering basic allied services such as insurance and finance, we will also have other alliances which will help us in offering other services such as service packages (through service aggregators start-ups), pan-India logistics services through logistic partners and used car warranty (from Warranty group for example).
